It's hard to render these things for HTML, so I'll just describe the trees. You should do them separately because your expected NPV is higher. The flexibility of stopping is a valuable option. If you film them separately, you can choose not to film the second one. This managerial flexibility is valuable in that it basically puts a floor on your losses since you can choose to stop if things go poorly.
Preferred stock is slightly higher priority than common stock.
Preferred stock has a promised fixed dividend and can usually be valued as a perpetuity. It is sort of like a perpetual bond. Common stock has no promised dividend and all dividends owed to preferred stockholders must be paid before common stockholders get any dividends. However, the advantage of common stock is that they are the primary beneficiaries of any success that the company enjoys. This will be your annual ITS. 7.