The Internal Growth Rate of a Firm Is Best Described

The internal growth rate of a firm is best described as the ________ growth rate achievable ________.

A) minimum; assuming a retention ratio of 100 percent
B) minimum; if the firm maintains a constant equity multiplier
C) maximum; excluding external financing of any kind
D) maximum; excluding any external equity financing while maintaining a constant debt-equity ratio
E) maximum; with unlimited debt financing