Which of the following statement(s) is (are) incorrect?

a. The constant growth model does not take into consideration the capital gains earned on a stock.

b. It is appropriate to use the constant growth model to estimate stock value even if the growth rate never becomes constant.

c. Two firms with the same dividend and growth rate must also have the same stock price.

d. Statements a and c are correct.

e. All of the statements above

f. none of the above statements