Problem 3-21 Calculating Sustainable Growth (LO 3) The most recent financial statements for Shinoda Manufacturing Co. are shown below: Income Statement Sales $64,500 Costs 44,530 Taxable income $19.970 Tax (301) 5,991 Net Income $13.979 Balance Sheet Current assets $29,500 Debt Fixed assets 82,400 Equity Total $111,900 Total $ 45,700 66,200 $111,900 Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 46 percent dividend payout ratio. No external equity financing is possible. What is the sustainable growth rate? (Do not round Intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Sustainable growth rate