Regarding the essential features and valuing of stock, which of the following statements is TRUE?

	a.	Common stockholders accept less risk than do bondholders, since bonds pay interest only for a fixed number of years, while common stocks pay dividends indefinitely over the life of the company.
	b.	A stock's price is estimated by calculating the present value of its expected future cash flows.
	c.	Valuing common stock is much easier than valuing bonds, since dividends are guaranteed to be paid to common shareholders.
	d.	Firms are legally obligated to pay dividends to shareholders each year.