Question 1 5 points CHAPTER 5: Regarding the essential features and valuing of stock, which of the following statements is TRUE? a. A stock's price is estimated by calculating the present value of its expected future cash flows. b. Firms are legally obligated to pay dividends to shareholders each year. O c. 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. O d. Valuing common stock is much easier than valuing bonds, since dividends are guaranteed to be paid to common shareholders