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The internal growth rate of a firm is best described as the: minimum growth rate achievable if the firm does not pay out any cash

The internal growth rate of a firm is best described as the:
minimum growth rate achievable if the firm does not pay out any cash dividends.
minimum growth rate achievable if the firm maintains a constant equity multiplier.
maximum growth rate achievable without external financing of any kind.
maximum growth rate achievable without using any external equity financing while maintaining a constant debt-equity ratio.
maximum growth rate achievable without any limits on the level of debt financing.

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