Which of the following statements are correct? I. The variable-growth dividend valuation model is valuable because it accounts for the general growth patterns of most companies. II. The expected total return equals the return from capital gains plus the return from dividends paid. III. The P/E approach does not rely on dividends as the key input into the valuation of a stock. IV. The constant-growth dividend valuation model is applicable to growth firms with initially high growth rates. A. I and IV only B. I, II and III only C. I, II and IV only D. II and III only