Question: If external funds are not available, what is the maximum dividend payout ratio for a firm with a return of equity of 15%, a debt-equity

If external funds are not available, what is the maximum dividend payout ratio for a firm with a return of equity of 15%, a debt-equity ratio of 60%, and an annual growth in sales of 9%? Question options: Approximately 20% Approximately 12% Approximately 10% Approximately 4%

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