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Nobility Homes, Incorporated, is a small maker of manufactured homes sold throughout the state of Florida. The following are selected financial data for the
Nobility Homes, Incorporated, is a small maker of manufactured homes sold throughout the state of Florida. The following are selected financial data for the company for the period 2012-2016. Profit margin (%) 2012 0.3 2013 2014 2015 2016 4.0 5.2 9.2 17.2 Retention ratio (%) 100.0 100.0 100.0 100.0 100.0 Asset turnover (X) 0.42 0.47 0.52 0.57 0.62 Financial leverage (X) 1.07 1.11 1.14 1.19 1.27 Growth rate in sales (%) 17.2 16.7 14.2 30.7 22.2 Source: Data from Nobility Homes 2012 to 2016 annual reports a. Calculate Nobility Homes' annual sustainable growth rate for the years 2012 through 2016. Note: Round your answers to 1 decimal place. Year Sustainable Growth Rate 2012 % 2013 % 2014 % 2015 % 2016 %
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