Wildhorse Supply Companys financial statements for the most recent fiscal year are shown below. The company management projects that sales will increase by 14 percent next year. Assume that all costs and assets increase directly with sales. The company has a constant 29 percent dividend payout ratio and has no plans to issue new equity. Any financing needed will be raised through the sale of long-term debt. Using the forecasted income and dividend information for Wildhorse Supply, find the internal growth rate for Wildhorse. (Round intermediate calculation to the nearest whole dollar, e.g. 5,275 and final answer to 2 decimal places, e.g. 15.25%.)

Wildhorse Supply Company Income Statement and Balance Sheet
Income Statement			Balance Sheet
Net sales	$1,768,121		Assets
Costs	1,116,487		Current Assets	$280,754
EBT	$651,634		Net Fixed Assets	713,655
Taxes (35%)	228,072		Total assets	$994,409
Net Income	$423,562
			Liabilities and Equity:
			Current Liabilities	$167,326
			Long-term debt	319,456
			Common Stock	200,000
			Retained Earnings	307,627
			Total liabilities & equity	$994,409

Internal growth rate

enter the internal growth rate in percentages rounded to 2 decimal places %