Problem 3-20 Calculating Internal Growth [LO 3] The most recent financial statements for Minnie's Manufacturing Co. are shown here: Income Statement Balance Sheet Sales $ 29,000 Debt $ 38,400 assets Costs 64,350 Fixed assets 91,400 Equity 82,000 $ 87,600 Current Taxable income $23,250 Total $ 120,400 Total $120,400 Tax (21%) 4,883 Net Income $ 18,368 Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 40 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.) Internal growth rate