The most recent financial statements for GPS, Inc., are shown here: Income Statement Sales $22,200 Assets Costs 16,400 Taxable income $5,800 Total Taxes (30%) 1,740 Net income $4,060 Balance Sheet $110,000 Debt Equity $110,000 Total $33,600 76,400 $110,000 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,660 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $28,500. Required: What is the external financing needed? The most recent financial statements for Live Co. are shown here: Balance Sheet Income Statement Sales $4,200 $4,464 Debt $8,926 Current assets Fixed assets Costs 2,772 10,930 Equity 6,468 $1,428 Total $15,394 Total $15,394 Taxable income Taxes (34%) Net income 486 $942 Assets and costs are proportional to sales, Debt and equity are not. The company maintains a constant 24 percent dividend payout ratio. No external equity financing is possible. Required: What is the internal growth rate? (Do not round your intermediate calculations.)