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5 A firm plans to grow at an annual rate of at least 12%. Its return on equity is 20%. Suppose the firm has a

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A firm plans to grow at an annual rate of at least 12%. Its return on equity is 20%. Suppose the firm has a debt-equity ratio of 1/3. What is the maximum dividend payout ratio it can maintain without resorting to any external financing? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Maximum dividend payout ratio %

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