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.