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The most recent financial statements for Shinoda Manufacturing Co. are shown below: Income statement Balance Sheet Sales 63,400 Current Assets 24,000 Debt = 40,200 Costs

The most recent financial statements for Shinoda Manufacturing Co. are shown below:

Income statement Balance Sheet
Sales 63,400 Current Assets 24,000 Debt = 40,200
Costs 45,080 Fixed Assets 76,900 Equity = 60,700
Taxable Income 18,320 Total 100,900 Total = 100,900
Tax (35%) 6,412
Net Income 11,908

Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 35 percent dividend payout ratio. No external equity financing is possible. What is the sustainable growth rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Sustainable growth rate %

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