Automatic dividend reinvestment plans do not . I. help bondholders create their own homemade dividend policies. II. help make corporate dividend policies irrelevant to individual stockholders. III. grant bondholders the right to purchase company stock at a discounted price. IV. allow stockholders reinvest part or all of the dividends to which they are entitled.

You are considering the purchase of one of two machines used in your manufacturing plant. machine 1 has a life of two years, costs $20,000 initially, and then $4,000 per year in maintenance costs. machine 2 costs $25,000 initially, has a life of three years, and requires $3,500 in annual maintenance costs. either machine must be replaced at the end of its life with an equivalent machine. using eac which is the better machine for the firm