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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. always larger than current yield of the bond. B. the discount rate that will set the present value of the payments equal to the bond price. C. based on the assumption that any payments received are reinvested at the current yield. D. 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. |