12. Which of the following statement(s) is/are true? I. There is an inverse relationship between bonds' quality ratings and their required rates of retum. Thus, the required return is lowest for AAA-rated bonds, and required returns increase as the ratings get lower. II. The par value for bond XYZ is $1,000 and it is being sold at a premium. This means the XYZ bond price is less than $1,000. III. A zero-coupon bond is a bond that pays no interest and is offered and initially sells) at a par. These bonds provide compensation to investors in the form of capital appreciation. d. I & II only a. I only e. None of the above answers b. II only c. III only