What rate of growth can Thinker maintain in the long-run (without ever issuing new equity)? Answer based on 2017 data and assume the 2017 payout ratio and leverage will remain constant. answers a. 8.21% b. 8.75% c. 9.23% d. 9.59%

2017 Income Statement Net sales $7,500 Less: Cost of goods sold 6,415 Less: Depreciation 200 Earnings before interest and taxes 885 Less: Interest paid 25 Taxable income 860 Less: Taxes 300 Net income $560 Thinker, Inc. 2017 Balance Sheet Cash $1,050 Accounts payable $1,750 Accounts rec. 850 Long-term debt 330 Inventory 2.100 Common stock 2,500 Total Current $4,000 Retained earnings 1,020 Net fixed assets 1,600 Total assets $5,600 Total liabilities & equity $5,600 (Note: 2017 Dividends - $252) What rate of growth can Thinker maintain in the long-run (without ever issuing new equity)? Answer based on 2017 data and assume the 2017 payout ratio and leverage will re closest answer)