12. Two stocks are available for purchase: one with a low dividend payout rate and one with a high dividend payout rate. Which of the following types of investors would likely prefer the firm with the high dividend payout rate? I. A corporate investor II. A tax-exempt investor III. An investor who does not need current income IV. An investor in a relatively high personal income tax bracket A. III only B. I and II only C. II and IV only D. III and IV only E. I, II, III and IV