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 3 options:

	Approximately 4%
	Approximately 20%
	Approximately 12%
	Approximately 10%

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