Which of the following statements is most correct?

Select one:

a.The constant growth model can be applied to companies that expect negative dividend growth rate.

b.The constant growth model is often appropriate for companies that never pay dividend.

c.The constant growth model is often appropriate for companies that the dividend growth rate is larger than its required rate of return on stock.

d.The constant growth model is inappropriate for mature companies with a stable history of growth.

e.The constant growth model cannot be applied to companies that expect zero dividend growth rate.