The most recent financial statements for Shinoda Manufacturing Co. are shown below: Income Statement Sales $63,800 Current assets 44,880 Fixed assets Balance Sheet 26,000 $ Debt $ 42,200 Costs 78,900 Equity 62,700 18,920 Taxable income $ Total 104,900 $ Total $104,900 Tax (35%) 6,622 Net Income 12,298 $ Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 39 percent dividend payout ratio. No external financing is possible. Required: What is the internal growth rate? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) Internal growth rate 1:%