21. Which of the following statements is most accurate? a. Firms with low PB ratios are value firms and tend to outperform high PB firms. b. The biggest drawback of using PCF ratio is its inability to address operating efficiency. c. Higher PEG ratios imply undervalued stocks. d. PCF is a preferred relative measure compared to PE. 22. DINOMITE has a payout ratio of 33.33% and EPS of $12.00. An analysis of its financial statements shows a return on equity of 15%. The sustainable growth rate is closest to: a. 15%. b. 12%. c. 10%. d. 5%. 23. Which of the following is most accurate regarding the determination of fair market value? a. Fair market value relies on estimates of the value of illiquid assets. b. Fair market value ignores any preferred stock outstanding. c. Fair market value is based on cash flows to shareholders. d. Fair market value is used to value firms operating as going concerns