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A significant difference between bonds and stocks are that: Bond payments to an investor are fixed and guaranteed by the company; stock payments to an investor are not fixed and not guaranteed. Bond payments vary depending on yield to maturity; stock payments vary depending on earnings of the company. 3. Bond payments are a perpetuity; stock payments are an annuity. 4 Bond payments involve future cash flows; stock payments involve present cash flows. > A Moving to another question will save this response. Question 1 of 28 > >>