IZAX, Co. had the following items on its balance sheet at the beginning of the year: Assets Cash PPE Liabilities and Equity $47,200 Debt $348,000 Equity $104,900 $290,300 Its net income this year is $20,700 and it pays dividends of $4,700. If its assets grew at its internal growth rate, what is its new D/E ratio? The Tax Cuts and Jobs Act of 2017 temporarily allows 100% bonus depreciation (effectively expensing capital expenditures). However, we will still include depreciation forecasting in this chapter and in these problems in anticipation of the return of standard depreciation practices during your career. The internal growth rate is %. (Round to two decimal places.)