Which of the Following Statements Is FALSE

Which of the following statements is FALSE?

A) Total return equals earnings multiplied by the dividend payout rate.
B) As firms mature, their earnings exceed their investment needs and they begin to pay dividends.
C) Cutting the firm's dividend to increase investment will raise the share price if, and only if, the new investments have a positive net present value (NPV) .
D) We cannot use the constant dividend growth model to value the shares of a firm with rapid or changing growth.