• Which of the following statements is true?

• A.Total working capital rather than changes in working capital has implications for cash flows.
• B.The maximum growth rate that a firm can achieve without issuing new equity or by increasing its debt-to-equity ratio is the firm's sustainable growth rate.
• C.Internal growth rate assumes that the firm can finance investments via sale of debt.
• D.The sustainable growth rate assumes that the firm will raise no new debt financing.
• E.Internal growth rate indicates whether a planned investment will increase or decrease firm value.