A$.$ Use the information below from Claxton Industries annual financial statements to calculate the actual and sustainable growth rate for each year from $2017-2021.(15$ points$)$

B$.$ Describe the company's growth challenge, if any, over this period. $(5$ points$)$

C$.$ Comment on the observed change in the company's payout policy over the period in question. Does it make sense in the context of the company's growth challenge? Explain. $(2\mathrm{.}5$ points$)$

D$.$ What are some recommendations you might provide management that will help to meet this growth challenge? $(2\mathrm{.}5$ points$)$