Spreadsheet Problem. Use a spreadsheet like that in Figure 1.17 to answer the following questions about Executive Fruit:

a. What would be required external financing if the growth rate is 15 percent and the dividend payout ratio is 60 percent?

b. Given the assumptions in part (a), what would be the amount of debt and equity issued if the firm wants to maintain its debt-equity ratio at a level of 2/3?

c. What formulas would you put in cells C23 and C24 of the spreadsheet in Figure 1.17 to maintain the debt-equity ratio at 2/3, while forcing the balance sheet to balance (that is, forcing debt + equity = total assets)?