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Which of the following statements about preferred stock is FALSE? Preferred stock has a higher-priority claim on the firms assets than the common stock. Preferred

  1. Which of the following statements about preferred stock is FALSE?

  1. Preferred stock has a higher-priority claim on the firms assets than the common stock.

  1. Preferred stock typically pays a fixed dividend.

  1. Preferred stock has a lower-priority claim on the firms assets than the firms creditors in the event of default.

  1. None of the above is true

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