43. Which of the following is/are true about callable corporate bonds?

I. The bond must always be called at par.

II The bond will normally be called by the corporation after interest rates have declined.

III The bond can be called by either the bondholder or the issuing corporation.

IV Investors in the bond will likely have a higher required rate of return than a non-callable bond.

A) I and II only. B) II and III only. C) II and IV only. D) I, II and III only. E) I, II, III and IV are true.