Problem $4-18$ Growth and Profit Margin $[$LO$3]$

Gamgee Company wishes to maintain a growth rate of $11\mathrm{.}4$ percent per year, a debt$-$

equity ratio of $1\mathrm{.}5,$ and a dividend payout ratio of $30$ percent. The ratio of total assets to

sales is constant at $\mathrm{.}87.$ What profit margin must the firm achieve? $($Do not round

intermediate calculations and enter your answer as a percent rounded to $2$ decimal

places, e$.$g$.,32\mathrm{.}16.)$