R. N. C., Inc., desires a sustainable growth rate of 3.29 percent while maintaining a 46 percent dividend payout ratio and a profit margin of 7 percent. The company has a capital intensity ratio of 1.5. What equity multiplier is required to achieve the company's desired rate of growth?

Please show all steps so I understand what I am doing wrong!

a. 1.26

b. 1.95

c. 1.37

d. 1.16

e. 2.03