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The valuation of stocks is more difficult than the valuation of bonds because ____ The appropriate discount rate is more difficult to determine for stocks

The valuation of stocks is more difficult than the valuation of bonds because

____

The appropriate discount rate is more difficult to determine for stocks than it is for bonds

The future cash flows from stocks are more uncertain than the ones from bonds

The stock market is more volatile than the bond market

Stocks represent a residual claim on the firms assets whereas bonds have a senior claim on the assets

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