Which of the following statements is not correct? Select one: a. An important step in applying the corporate valuation model is forecasting the pro forma financial statements. b. The corporate valuation model can be used even for a company that does not pay dividends. c. The corporate valuation model discounts free cash flows by the required return on equity. d. Free cash flows must grow at a constant rate in order to find the horizon, or terminal, value. e. The corporate valuation model can be used to find the value of a division.