This is a more difficult but informative problem. James Brodrick This is a more difficult but informative problem. James Brodrick This is a more difficult but informative problem. James Brodrick This is a more difficult but informative problem. James Brodrick

This is a more difficult but informative problem. James Brodrick & Sons, Incorporated, is growing rapidly and, if at all possible, would like to finance its growth without selling new equity. Selected information from the company's five$-$year financial forecast follows.

$\backslash$table$[[$Year$,1,2,3,4,],[$Earnings after tax $($$ millions$),100,126,166,224,300],[$Capital investment $($$ millions$),175,300,300,368,530],[$Target book value debt$-$to$-$equity ratio $(\%),130,130,130,130,130],[$Dividend payout ratio $(\%),?,?,?,?,?$