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Gamgee Company wishes to maintain a growth rate of 11 percent per year, a debt-equity ratio of 1.3 , and a dividend payout ratio of

image text in transcribed Gamgee Company wishes to maintain a growth rate of 11 percent per year, a debt-equity ratio of 1.3 , and a dividend payout ratio of 35 percent. The ratio of total assets to sales is constant at .85 . What profit margin must the firm achieve? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

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