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The external funds needed (EFN) equation projects the addition to retained earnings Projected sales times (1 - d). PM times Projected sales. PM times delta

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The external funds needed (EFN) equation projects the addition to retained earnings Projected sales times (1 - d). PM times Projected sales. PM times delta Sales times (1 - d). PM times delta Sales. PM times Projected sales times (1 - d)

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