At the internal growth rate, the external financing needed is calculated as
Select one:
a. EFN = –p(S)R + [(A – p(S)R) x g].
b. EFN = A(g) – p(S)R x (1 + g) – p(S)R x (1 + g)[D/E].
c. EFN = (ROE x R) / [1 – (ROE x R)].
d. EFN = 0.