All of the Following Statements Are Correct Except

All of the following statements are correct except:

A) The internal growth rate measures how quickly a firm can increase its asset base over the next year without raising outside funds.
B) The retention rate represents the proportion of every $1 of earnings per share that is retained by the firm; in other words, it is equal to one plus the dividend payout ratio.
C) The sustainable growth rate measures how quickly the firm can grow when it uses both internal equity and debt financing to keep its capital structure constant over time.
D) The internal and sustainable growth rate relationships suggest that there are three measurable influences on growth: dividend policy (as reflected in the retention rate) , profitability (as measured by ROA) , and the firm's capital structure (as measured by the equity multiplier) .