Explanation:

Spreadsheet models are highly appropriate for sensitivity analysis in equity valuation for several reasons:

1. Flexibility: Spreadsheets allow analysts to easily modify assumptions (like dividend growth rates) and immediately see the impact on stock valuation.

2. Scenario Analysis: Analysts can create multiple scenarios with different dividend growth patterns to test how sensitive the stock's value is to these assumptions.

3. Efficiency: Spreadsheets automate complex calculations, making it practical to test numerous assumptions quickly.

4. Real-world Application: In practice, dividend growth patterns are rarely perfectly stable, and analysts frequently use spreadsheet models to test various growth scenarios.

Option B is incorrect because dividend patterns don't have to be stable - analysts often model changing growth rates. Option C is incorrect because spreadsheets are excellent tools for sensitivity analysis.