23. A firm has a dividend payout ratio of 40%, a net profit margin of 10%, an asset turnover of 0.9 times, and a financial leverage multiplier of 1.2 times. Determine the firm's sustainable growth rate: (155) 4.3% 6.5% 8.0% 24. An analyst calculates the following from a company's financial statements: 20X4 20X3 Return on assets% 16.0 20.0 Price to earnings 16.9 13.3 Debt-to-equity 1.1 1.1 Which of the following best describes the change in the company's relative valuation? (15) It is lower since return on assets decreased It is higher since price to earnings increased It is unchanged since debt-to-equity is constant