c. Suppose the bond had been selling at a discount rather than a premium. Would the yield to maturity have been the most likely return, or would the yleid to call have been most likely? 1. Investors would not expect the bonds to be called and to earn the YTM because the YTM is less than the VTC. II. Investors would expect the bonds to be called and to earn the YTC because the YTM is less than the YTC. III. Investors would expect the bonds to be called and to earn the YTC because the YTC is greater than the YTM. TV. Investors would expect the bonds to be called and to earn the YTC because the YTC is less than the YTM. V. Investors would not expect the bonds to be called and to earn the YTM because the YTM is greater than the YTC