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The most recent financial statements for Shinoda Manufacturing Co. are shown below: Income Statement Balance Sheet Sales $ 64,300 Current assets $ 28,500 Debt $

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

Income Statement Balance Sheet
Sales $ 64,300 Current assets $ 28,500 Debt $ 44,700
Costs 44,630 Fixed assets 81,400 Equity 65,200
Taxable income $ 19,670 Total $ 109,900 Total $ 109,900
Tax (40%) 7,868
Net Income $ 11,802

Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 44 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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