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Gamgee Company wishes to maintain a growth rate of 12.6 percent per year, a debt- equity ratio of 1.3, and a dividend payout ratio

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Gamgee Company wishes to maintain a growth rate of 12.6 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 .93. 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.) Answer is complete but not entirely correct. Profit margin 18.03 %

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