Which of the following best describes the constant$-$growth dividend discount model?

Group of answer choices

It is the formula for the present value of an ordinary annuity.

It is the formula for the future value of an ordinary annuity.

It is the formula for the future value of a growing annuity.

It is the formula for the future value of a perpetuity.

It is the formula for the present value of a growing perpetuity.