Which of the following statements about the dividend discount model is false?

1) A firm that never pays any dividends has a value of zero. 2) For constant dividend growth in perpetuity, a finite equity value implies a required return higher than the growth rate. 3) The expected return on equity equals the required return. 4) The dividend growth rate must be less than the required return in every period to generate a finite equity value. 5) For constant dividend growth in perpetuity, the price increases at the dividend growth rate