The Internal Growth Rate of a Firm Is Best Described

The internal growth rate of a firm is best described as:

A) The minimum growth rate achievable if the firm does not pay out any cash dividends.
B) The minimum growth rate achievable if the firm maintains a constant equity multiplier.
C) The maximum growth rate achievable without external financing of any kind.
D) The maximum growth rate achievable without using any external equity financing, while maintaining a constant debt-equity ratio.
E) The maximum growth rate achievable without any limits on the amount of debt financing used.