An investor is most likely to exert significant influence over the operating and financial policies of an investee company if:

a. The investor owns 19% of the investee's outstanding common stock and has a seat on the investee's board of directors.

b. The investor owns 51% of the investee's outstanding nonvoting preferred stock.

c. The investor owns 36% of the investee company's outstanding convertible bonds.

d. The investor owns 22% of the investee's outstanding common stock and one other investor owns the other 78%.