The most recent financial statements for Schenkel Co. are shown here: Income Statement Balance Sheet Sales $ 10,800 Debt $14,100 8,300 Current assets Fixed assets $ 15,300 21,500 Costs 26,000 Equity Taxable income $5,800 Total $36,800 Total $36,800 Taxes (40%) 2,320 Net income $3,480 Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 30 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 12.78 %