The most recent financial statements for Mandy Company are shown here:

Income Statement	Balance Sheet
Sales	$ 20,000	Current assets	$ 11,920	Debt	$ 16,360
Costs	13,700	Fixed assets	31,050	Equity	26,610
Taxable income	$ 6,300	Total	$ 42,970	Total	$ 42,970
Taxes (22%)	1,386
Net income	$ 4,914

Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 45 percent dividend payout ratio. What is the internal growth rate? (Do not round intermediate calculations and enter your answer as a percent rounded 2 decimal places, e.g., 32.16.)

Internal growth rate

%