LO3 20. Calculating Internal Growth. The most recent financial statements for Shinoda Manufacturing Co. are shown here: Income Statement Balance Sheet $ 29,000 Debt 91,400 Equity $120,400 Total $ 38,400 82,000 $120,400 $87,600 64,350 $23,250 8,138 $15,112 Sales Costs Taxable income Tax (35%) Net Income Current assets Fixed assets Total Assets and costs are proportional to sales. Debt and equity are not. The com pany maintains a constant 40 percent dividend payout ratio. No external fi- nancing is possible. What is the internal growth rate