Which of the following statements about the dividend growth model is/are correct? I. The dividend growth model does not work when a firm pays no dividend. II. The dividend growth model is as reliable as the estimated rate of growth. III. The dividend growth model can only be used if historical dividend information is available. IV. The dividend growth model uses standard deviation to measure the systematic risk of a firm. V. The dividend growth model does not consider the risk that future dividends may vary from their estimated values.

• II, III and V only

• I, II and IV only

• I and II only

• II and III only

• I only