Depending on the market convention, yields can be quoted on a yield (Y) or discount (D) basis. For the same instrument, which of the following is true?

(Hint: if you dont know the answer immediately, think of an example of a simple one-period zero coupon bond)

A- Y is always greater

B- D is always greater

C- Y and D are equal

D- It depends; sometimes Y can be greater, sometimes D can be greater