Problem 4.05 – EFN with Constant Dividend Payout Ratio

Fundamentals of Corporate Finance

Ross, Westerfield, and Jordan

13th Edition

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Given the financial statements and sales predictions for Assouad, Inc., and assuming that assets, costs, and current liabilities are proportional to sales while long-term debt and equity are not, and given a constant dividend payout ratio, what is the external financing needed for the next year? What is the external financing needed?

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