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Brandford Co. has net income of $320,000, total equity of $700,000, a dividend payout ratio of 60 percent, and an equity multiplier of 1.20. What

Brandford Co. has net income of $320,000, total equity of $700,000, a dividend payout ratio of 60 percent, and an equity multiplier of 1.20. What is the internal rate of growth?

16.41%

17.98%

18.33%

18.78%

19.15%

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