I am confused on where to even begin on this assignment... I don't understand the differences between the preferred stocks and which one would be the best option?

Specifically, they are looking at three companies:

Company A: Noncumulative, nonparticipating, preferred stock with a $4-per-year dividend rate. Each share of this stock will cost $20. Company B: Cumulative, nonparticipating, preferred stock with a $4-per-year dividend rate. Each share of this stock will cost $25. Company C: Noncumulative, participating, preferred stock with a $4-per-year dividend rate. Each share of stock will cost $25.

Nick only has enough funds to invest in only one of the companies. Which company do you recommend?