Which of the following about the dividend growth model is/are correct:

I. is not as reliable as the estimated rate of growth.

II. can only be used if historical dividend information is available.

III. does consider the risk that future dividends may vary from their estimated values.

IV. applies even when a firm does notpay dividends.

V. uses standard deviationto measure the systematic risk of a firm.

I, II and IV only

II and III only

II, III and V only

III only

I only