The cumulative feature of preferred stock means
A)
an unpaid dividend in one year accumulates and must be paid in the future before any dividend can be paid on common stock.
B)
any unused votes accumulate to future periods where they can then be exercised.
C)
investors choose not to receive a dividend but rather let them accumulate.
D)
that the stock's issuer must accumulate funds in a sinking account.
Question 2
Nunavet Ocean Cruises sold an issue of 12-year 1,000 par bonds to build new ships. The bonds
pay 4.85 interest, semiannually. Today's required rate of return is 9.7. How much should these
bonds sell for today? Round off to the nearest 1.
A) 771.86 B) 660.45 C) 732.93 D) 598.33
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