Which of the following statements would be TRUE? 1. The present value of growth opportunities (PVGO) is equal to the difference between a stock's price and its no-growth value per share. II. PVGO is equal to zero if its return on equity equals the discount rate. III. Earnings management is the practice of using flexible accounting rules to improve the apparent profitability of the firm. IV. The most appropriate discount rate to use when applying a FCFF valuation model is the required rate of return on equity. II and IV I and III I, II, and III All of the above