The constant growth dividend model would be useful to determine the value of all but which of the following firms?
A) A firm whose earnings and dividends are declining at a fairly steady rate.
B) A firm whose sales, profits, and dividends are growing at an annual average compound rate of 5 percent.
C) A firm whose earnings and dividends are growing at a fairly steady rate.
D) A firm whose expected sales, profits, and dividends are flat.
Answer: D