Which of the following statements is false of the dividend-discount model?
a. we cannot use the dividend-discount model to value the stock of a firm with rapid or changing growth.
b. the simplest forecast for the firm's future dividends states that they will grow at a constant rate, i. e., forever.
c. as firms mature, their growth slows to rates more typical of established companies.
d. the dividend-discount model values the stock based on a forecast of the future dividends paid to shareholders.