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

Income Statement			Balance Sheet
Sales	$	75,300	Current assets	$	27,000	Debt	$	37,200
Costs		55,380	Fixed assets		89,300	Equity		79,100
Taxable income	$	19,920	Total	$	116,300	Total	$	116,300
Tax (35%)		6,972
Net Income	$	12,948

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.

Required:

What is the internal growth rate? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Internal growth rate

%