Problem $4-4$

Table $3\mathrm{.}1$ presents R&E Supplies' financial statements for the period $2018$ through $2021,$ and Table $3\mathrm{.}5$ presents a pro forma financial

forecast for $2022.$ Use the information in these tables to answer the following questions.

Calculate R&E$\text{'}$s sustainable growth rate in each year from $2019$ through $2022.$ Assume the dividend payout ratio was the same in $2019$

to $21$ as forecasted in $2022.$

Note: Round each step and the final answers to $1$ decimal place.

Answer is complete but not entirely correct.