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Which of the following statements concerning the yield-to-maturity on a bond is CORRECT? Yield to maturity (YTM) is: A. based on the assumption that any payments received are reinvested at the current yield. B. the discount rate that will set the present value of the payments equal to the bond price. C. below the current yield minus capital gain when the bond sells at a discount, and above the current yield plus capital loss when the bond sells at a premium. |