Problem 3-20 Calculating Internal Growth [LO 3] The most recent financial statements for Shinoda Manufacturing Co. are shown below Balance Sheet Income Statement 24,500 Debt 77,400 Equity $63,500 Current assets 45,030 Fixed assets $40,700 61,200 Sales Costs $ 101,900 Total $101,900 $18,470 Total Taxable income x (40%) 7,388 $11,082 Net Income Assets and costs are proportional to sales. Debt and equity percent dividend payout ratio. No external financing is possible. are not. The company maintains a constant 36 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 7.7