Auction-Rate Preferred Stock Is Similar to Adjustable-Rate Preferred Stock (ARPS)

Auction-Rate Preferred Stock is similar to Adjustable-Rate Preferred Stock (ARPS) in that they:

A) are both issued for 90 days.
B) have a dividend rate set by the issuer.
C) both have a floating rate and a dividend tax exclusion.
D) are equally accessible to the corporate investor directly.
E) are not similar in any manner.