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A firm plans to grow at an annual rate of at least 16%. Its return on equity is 24%. Suppose the firm has a

A firm plans to grow at an annual rate of at least 16%. Its return on equity is 24%. 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? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Answer is complete but not entirely correct. Maximum dividend payout ratio 33.33%

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