According to the dividend growth model: I. a stock must have the same value to all investors
II. a stock's value changes in inverse relation to the required return
III. a stock's market price varies directly with its dividend growth rate
IV. a stock's value is equal to 110% of the future cash flows which it generates
V. a stock's value is equal to the discounted present value of the future cash flows which it generates

a. I, II, III and IV only
b. I and II only
c. III, IV and V only
d. II, III and V only
e. I, II and III only