15. value: 3.12 points Problem 3-20 Calculating Internal Growth [LO 3] The most recent financial statements for Shinoda Manufacturing Co. are shown below: Income Statement Sales $ 64,500 Current assets Costs 44,530 Fixed assets Balance Sheet $ 29,500 Debt 82,400 Equity $ 45,700 66,200 Taxable income $ 19,970 Total $ 111,900 Total $111,900 Tax (30%) 5,991 Net Income $ 13,979 Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 46 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 Hints References eBook & Resources Hint #1 Check my work Previous attempt