Gilmore, Inc., had equity of $145,000 at the beginning of the year. At the end of the year, the company had total assets of $300,000. During the year, the company sold no new equity. Net income for the year was $31,000 and dividends were $3,800.

a.	Calculate the internal growth rate for the company. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Kindly note that the answer is not 9.50%, nor 11.07%