Which of the following is/are true regarding the Pecking-Order theory? 1. Use debt financing first because cost of debt is lower than cost of equity, then use retained earnings and lastly use equity financing. II. Use internal financing first and external financing second. III. Within external financing, use debt financing first because cost of debt is lower than cost of equity. IV. Use equity first, to keep control of the company. V. Internal financing is the cheapest method of financing. O a. II, III, and IV O b. I, II, and IV O c. I, III, and V Od. II, III and V Oe. I, II, and V