The most recent financial statements for Minnie's Manufacturing Co. are shown below: Income Statement Balance Sheet
Sales $33,000 Debt $ 43,200 93,800 Equity 83,600 $ 126,800 Total $126,800 Sales Costs Taxable income Tax Net Income $92,400 66,750 $ 25,650 5,900 $ 19,750 Current assets Fixed assets Total Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 45 percent dividend payout ratio. No external financing is possible. What is the internal growth rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
