Strictly Speaking, the Price-Earnings Ratio Assumes That Firm Value Is

Strictly speaking, the price-earnings ratio assumes that firm value is

A) future value of a constant stream of expected future earnings, discounted at a constant expected future risk-free rate.
B) future value of a constant stream of expected future earnings, discounted at a constant expected future discount rate.
C) present value of a constant stream of expected future earnings, discounted at a constant expected future risk-free rate.
D) present value of a constant stream of expected future earnings, discounted at a constant expected future discount rate.