A one-year zero-coupon bond X will pay either $1,000 (par value) or $450 (default value) at maturity. If you observe that this bond currently trades at $890, and assuming risk-free rate of return to be zero, which of the following statements is true?

	b.	Assuming that bond investors are risk-averse, the true probability of default for this bond is less than 20%
	c.	The true probability of default cannot be calculated from the data provided.
	d.	All of the above