Problem 3-20 Calculating Internal Growth [LO 3] The most recent financial statements for Shinoda Manufacturing Co. are shown below: Income Statement Balance Sheet Sales $64,400 Current assets $ 29.000 Debt $ 45,200 81,900 Equity 65,700 Costs Taxable income Tax (35%) Net Income 44, 580 Fixed assets $19,820 Total $110,900 Total $110,900 6,937 $12,883 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 Required What is the internal growth rate? (Do not round intermediate calculations. Enter your answer asa percent rounded to 2 decimal places (e.g., 32.16) Internal growth rate