IZAX, Co. has the following items on its balance sheet: Assets Cash PPE Liabilities and Equity $47,600 Debt $347,100 Equity $97,100 $297,600 Its net income this year is $20,400 and it pays dividends of $5,000. If it grows at its internal growth rate, what will its debt/equity ratio be next year? 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.)