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Jasmine Manufacturing wishes to maintain a sustainable growth rate of 10 percent a year, a debt-equity ratio of .37, and a dividend payout ratio

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Jasmine Manufacturing wishes to maintain a sustainable growth rate of 10 percent a year, a debt-equity ratio of .37, and a dividend payout ratio of 34 percent. The ratio of total assets to sales is constant at 1.38. What profit margin must the firm achieve? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. Profit margin %

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