Which of the following is most likely a correct statement in regards to stock valuation models?

I. The higher the projected dividends and lower the discount rate, the higher the value of the stock today, with all else being constant.

II. The lower the required return on the stock, the lower the projected dividends for the stock.

III. The higher the expected growth rate of dividends, the higher the value of the stock.

I only

II only

I and III

Incorrect answer: I and II

III only