If a firm's projected sales growth is less Man both the internal growth rate

$($IGR$)$ and the sustainable growth rate $($SGR$),$ what actions can the financial

manager take with the excess funds?

The manager can decide to pay extra dividends, boost liquidity, or pay down liabilities

since all asset needs can be financed internally

The firm will need to decrease retained earnings to cover liabilities

The firm will need to raise external equity to finance growth

The firm will need to issue more debt to finance assets