Which of the following statements is true?

Group of answer choices

1. Stocks that pay no dividends have no value.
2. There are two potential sources of cash flows from owning a stock.
3. An investor will only be willing to pay a price today for a share of stock that reflects dividends over his or her holding period.
4. Because the cash flows from stock are known with certainty, we can discount them using the risk-free interest rate.