Use the following information to answer Questions 8 - 23.

	Year 2019	Year 2020		Year 2019	Year 2020
Cash	140	210	Accounts payable	320	280
Accounts receivable	340	380	Notes payable	400	300
Inventory	550	590	Long-term debt	1,100	1,400
Net fixed assets	3,600	3,500	Common stock	1,200	980
			Retained earnings	1,610	1,720
Total assets	4,630	4,680	Total liab & Total equity	4,630	4,680

Year 2020

Sales	6,230
Cost of goods sold	4,720
Depreciation	440
Interest	75
Taxes	350
Net income	645
Number of shares outstanding	100

QUESTION 20

1. What is the enterprise value multiple if the stock price is $45 per share on 12/31/2020?

   	a.	1.67
   	b.	3.97
   	c.	1.10
   	d.	4.59
   	e.	2.62

0.5 points

QUESTION 21

1. What is the dividend payout ratio in 2020?

   	a.	0.02
   	b.	0.83
   	c.	0.04
   	d.	0.67
   	e.	0.39

0.5 points

QUESTION 22

1. What is the internal growth rate in 2020?

   	a.	0.02
   	b.	0.39
   	c.	0.83
   	d.	0.04
   	e.	0.67

0.5 points

QUESTION 23

1. What is the sustainable growth rate in 2020?

   	a.	0.02
   	b.	0.04
   	c.	0.39
   	d.	0.83
   	e.	0.67