Which two of the following five statements are correct?

Select two alternatives:

• Because the cash flows from stocks are known with certainty, we can discount them using the risk-free interest rate.
• We should use the general dividend discount model to value the stock of a firm with rapid or changing growth.
• Successful young firms often have high initial earnings growth rates.
• During periods of high growth, it is not unusual for firms to pay out 100% of their earnings to shareholders in the form of dividends.
• A firm can pay out its earnings to investors or reinvest its earnings.