Problem $17\mathrm{.}03($AFN Equation$)$ Round your answer to the nearest dollar.

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b$.$ Why is this AFN different from the one when the company pays dividends?

I. Under this scenario the company would have a higher level of spontaneous liabilities, which would reduce the amount of additional funds needed.

II$.$ Under this scenario the company would have a lower level of retained earnings, which would increase the amount of additional funds needed.

III. Under this scenario the company would have a lower level of retained earnings, which would decrease the amount of additional funds needed.

IV$.$ Under this scenario the company would have a higher level of retained earnings, which would reduce the amount of additional funds needed.

V$.$ Under this scenario the company would have a higher level of retained earnings, which would reduce the amount of assets needed.

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