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QUESTION

Marcie's Mercantile wants to maintain its current dividend policy, which is a payout ratio of 35 percent.

Marcie's Mercantile wants to maintain its current dividend policy, which is a payout ratio of 35 percent. The firm does not want to increase its equity financing but is willing to maintain its current debt-equity ratio. Given these requirements, the maximum rate at which Marcie's can grow is equal to:

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