The most recent financial statements for Mandy Company are shown below: Balance Sheet $ 35,000 Debt 95,000 Equity $ 130,000 Total Income Statement Sales Costs Taxable income Tax (22%) Net Income $ 94,800 Current assets 67,950 Fixed assets Total Internal growth rate $ 26,850 5,907 $ 20,943 Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 45 percent dividend payout ratio. No external financing is possible. What is the internal growth rate? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. $ 45,600 84,400 $ 130,000 %

The most recent financial stotements for Mandy Company are shown below Assets and costs are proportional to sales. Debt and equity ore not. The company maintains o constont 45 percent dividend payout ratio. No external financing is possible. What is the internol growth rote? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimsl places, e.9., 32.16