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23. Which of the following statements is true? I) The spot interest rate is a weighted average of yields to maturity II) Yield to maturity

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23. Which of the following statements is true? I) The spot interest rate is a weighted average of yields to maturity II) Yield to maturity is the weighted average of spot interest rates and estimated forward rates III) The yield to maturity is always higher than the spot rates A. I only B. II only C. III only D. I and TIL only

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