Q48 A) Problem 3-20 Calculating Internal Growth [LO 3] The most recent financial statements for Shinoda Manufacturing Co. are shown below: Balance Sheet $ 21,500 Debt $37,700 74,400 Equity 58,200 Income Statement Sales Costs $62,900 45,330 Current assets Fixed assets Taxable income $ 17,570 Total $ 95,900 Total $95,900 Tax (30%) 5,271 Net Income $ 12,299 B) Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 30 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 %