Internal Growth Rate (IGR) is the Maximum Rate at which a Firm can grow without any External Financing.

Year Ending 12/31/2019, Income Statement and Balance Sheet of a Firm shows the following data:

1. Total Assets = $48.5 million

2. Net Income (NI) = $ 3.75m

3. Dividends Paid = $ 1.75 m

According to your calculations IGR is =

	a.	11.7%
	b.	7.7%
	c.	9.8%
	d.	3.7%
	e.	4.3%