A bond trader observes the following information:

• The Treasury yield curve is downward sloping.
• Empirical data indicate that a positive maturity risk premium applies to both Treasury and corporate bonds.
• Empirical data also indicate that there is no liquidity premium for Treasury securities but that a positive liquidity premium is built into corporate bond yields.

On the basis of this information, which of the following statements is most CORRECT?
a. A 10-year corporate bond must have a higher yield than a 5-year Treasury bond.  
b. A 5-year corporate bond must have a higher yield than a 10-year Treasury bond.  
c. Since the Treasury yield curve is downward sloping, the corporate yield curve must also be downward sloping.  
d. A 10-year Treasury bond must have a higher yield than a 10-year corporate bond.  
e. The corporate yield curve must be flat.