Which one of the following statements about bond prices is NOT true?

a. The present value, or price, of the bond is the future value of its cash flows.

b. To calculate a bond’s price, one needs to calculate the present value of the bond’s expected cash flows.

c. The required rate of return, or discount rate, for a bond is called the bond’s yield to maturity.

d. We estimate the expected future cash flows using the coupons that the bond will pay and the maturity value to be received.