18. The payback period of projects is: a. 1.7 years b. 2.1 years c, 2.5 years d. 2.7 years e 3-0 years 19) which of the following statements concerning the constant growth dividend valuation model true? A) The required rate of return must exceed the growth rate. B) The dividend growth rate must be bigger than 8%. O The growth rate must increase year. the growth rate for dividends. The required rate of return must be to have a greater chance of electing a member to the board of directors if the company uses A) cumulative voting. B) majority voting. D) proxy voting. 21) Preferred stock differs from common stock in that A) preferred stock usually has a maturity date. B) preferred stock investors have a higher required return than common stock investors. C) preferred stock dividends are fixed. D) common stock investors have a required return and preferred stock investors do not. 22) How is preferred stock similar to common stock? A) Preferred dividend payments usually have unlimited growth potential. B) Investors cannot sue a corporation for the non-payment of dividends. C) Both preferred and common stockholders have voting control of a firm. D) Preferred stock dividends and common stock dividends are fixed. 23) Which of the following is NOT true regarding common stock? A) Dividends, unlike interest payments, are not tax deductible. B) Common stock, unlike bond principal, does not mature. C) Common stockholders are owners of the firm, whereas bondholders are creditors. D) Dividend payments, like interest payments, are fixed