Solar Planes Inc. reported S100 million in sales this year with a 25% profit margin. The firm paid $10 million in dividends. The firm's total liabilities and equity was $350 million. Where accounts payable were $50 million long term debt $230 million, and total equity $70 million. You are entrusted in planning the firm's growth for next year. Assume that the firm will raise al External Financing Needed (EFN) by issuing or retiring debt only. Assets and accounts payable will remain proportional to sales. Long term debt and equity will not. Suppose the firm plans to grow its sales at 12% and to keep its current payout ratio. What is the EFN for next year? $22.8 million $6 million $19.2 million $25.2 million $36 million In that case, what will be the firm's Debt to Equity ratio next year? 0.78 2.65 2.87 3.52 4.00 Suppose the firm plans to grow its sales at 12% and to double its current payout ratio. What is the EFN for next year? $11.6 million $19.2 million $30.4 million $36 million $38.4 million Now suppose the firm can target a efferent growth rate. It wishes to keep its current payout ratio and to equal next year's addition to earnings. At what rate should the firm grow? 5.54% 11.11% 16.36 % 21.82% 27.27 %