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4. Major Manuscripts, Inc, does not want to incur any additional extermal financing. Major Manuscripts, Inc. 2012 Income Statement 9,500 7,615 380 Net sales Cost of goods sold Depreciation Earnings before interest and taxes $ Interest paid 1,505 45 S 1,460 Taxable Income 496 es 964 Net income 260 Dividends Major Manuscripts, Inc. 2012 Balance Sheet 2012 2012 $ 2,590 Accounts payable Cash 2,330 1,020 290 Accounts rec. Long-term debt 2,900 2$ Inventory Total 4,300 Common stock 2$ Net fixed assets 7,650 Retained earnings 6,000 4,130 Total liabilities & equity Total assets 11,780 11,780 Major Manuscripts, Inc. does not want to incur any additional external financing. The dividend payout ratio is constant. What is the firm's maximum rate of growth? a. 9.63 percent b. 5.64 percent c. 20.55 percent d. 6.57 percent e. 6.36 percent