$1.$ Which of the following are common variables to be subjects of sensitivity analysis in a DCF$?$

I. WACC

II$.$ Exit Multiple

III. Perpetual Growth Rate

IV$.$ EBIT Margins

a$)$ I and II

b$)$ II and III

c$)$ I, II and III

d$)$ I, II$,$ III and IV

$2.$ In estimating and comparing value, the price$-$to$-$earnings $($P$/$E$)$ multiple has two major flaws. Which of the following are those flaws?

I. It is in squared currency units.

II$.$ The P$/$E is affected by a company$$s capital structure.

III. The earnings $($net income$)$ are calculated after nonoperating items.

IV$.$ The market measure of price usually has significant error.

a$)$ I and II only.

b$)$ I and III only.

c$)$ II and III only.

d$)$ III and IV only.