问题
单项选择题
For which of the following securities is estimating the future cash flows least difficult（）
A. 5-year, 6% bond with two years of call protection.
B. 3-year note with a coupon of Libor + 100 basis points.
C. 8% preferred stock with mandatory redemption in five years.
答案
参考答案：C
解析：
If preferred stock must be redeemed on a specific date, its future cash flows are as predictable as those of an option-free bond: the (dividend) payments are known, the principal repayment date is known, and the security is not convertible or exchangeable. The principal repayment date is not known with certainty for a callable bond and the coupon payments are not known for a floating-rate security.