Which one of the following statements is NOT true?
A) The internal growth rate (IGR) is defined as the maximum growth rate that a firm can achieve without external financing.
B) The higher the retained earnings generated by a firm, the higher the growth possible without using external funding.
C) Given the same level of retained earnings, a firm that has the higher amount of total assets, the higher the growth possible without using external funding.
D) All of the above are true.
Answer: C
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