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16.Award: 10 out of 10.00 pointsWhich of the following are characteristics of preferred stock?I) It pays its holder a fixed amount of income each year at the discretion of its managers.II) It gives its holder voting power in the firm.III) Its dividends are usually cumulative.IV) Failure to pay dividends may result in bankruptcy proceedings. Score: 103.67/137 Points 75.67 %

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