Which of the following is NOT a common feature of preferred stock?

a. Preferred stock typically has dividends that accumulate if they are not paid on time.

b. Failure of the company to pay preferred stock dividends will cause the bankruptcy of the company.

c. Preferred stock has a par value and a dividend rate.

d. The market price of preferred stock is much higher than common stock.

e. Preferred stockholders have priority over common stockholders if the company goes bankrupt.