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

Income Statement				Balance Sheet
Sales	$	16,500		Current assets	$	11,500		Debt	$	16,000
Costs		10,700		Fixed assets		27,750		Equity		23,250
Taxable income	$	5,800		Total	$	39,250		Total	$	39,250
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 40 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