Beta Company issued bonds with a face value of $100 million because it wanted to raise $100 million. However, it succeeded in raising only $96,050,000. A possible reason why investors were not willing to pay $100 million for the bonds is that

a.

All of the above

b.

The perceived risk of default of Beta Company's bonds increased.

c.

The demand for Beta Company bonds exceeds their supply.

d.

Beta Company bond's credit rating is better than the market.