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The most recent financial statements for Shinoda Manufacturing Co. are shown below: Income Statement Sales $63,100 Costs 45, 230 Taxable income $17,870 Tax (40%) 7,148

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The most recent financial statements for Shinoda Manufacturing Co. are shown below: Income Statement Sales $63,100 Costs 45, 230 Taxable income $17,870 Tax (40%) 7,148 Net Income $10,722 Balance Sheet Current assets $ 22,500 Debt Fixed assets 75,400 Equity Total $ 97,900 Total $ 38,700 59,200 $ 97,900 Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 32 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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