INCOME STATEMENT BALANCE SHEET

Sales $90,000 Current Assets $31,000 Debt $40,800

Costs $65,550 Fixed Assets $92,600 Equity $82,800

Taxable Income $24,450 Total $123,600 Total $123,600

Tax $5,868

Net Income $18,582

Assets and costs are proportional to sales. Debt and Equity are not. The company maintains a constant

45% dividend payout ratio. No external financing is possible.

What is the INTERNAL GROWTH RATE. (Do not round intermediate calculations and answer as a percent rounded to two decimal places)

INTERNAL GROWTH RATE PERCENTAGE :