The most recent financial statements for Schenkel Co. are shown here:

Income Statement				Balance Sheet
Sales	$	14,300		Current assets	$	11,400		Debt	$	15,900
Costs		10,300		Fixed assets		27,500		Equity		23,000
Taxable income	$	4,000		Total	$	38,900		Total	$	38,900
Taxes (40%)		1,600
Net income	$	2,400

Question 1: Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 25 percent dividend payout ratio. No external financing is possible.

What is the internal growth rate? (Do not round intermediate calculations. Enter your answer as a percent rounded 2 decimal places, e.g., 32.16.)

Internal growth rate

%