Abbreviated financial statements for Archimedes Levers are shown in the table below. Assume sales and expenses

increase by $17\%$ in $2022$ and all assets and liabilities increase correspondingly.

a$.$ If the payout ratio is set at $65\%$ and no external debt or equity is to be issued, what is the maximum possible growth

rate for Archimedes?

b$.$ If the payout ratio is set at $65\%$ and the firm maintains a fixed debt ratio but issues no equity, what is the maximum

possible growth rate for Archimedes?