(I) There is always a negative relationship between YTM and prices of bond; (II) A discount bond is bought at a price below its face value, and the face value is repaid at the maturity date.

Select one:

a. (I) is true, (II) false.

b. (I) is false, (II) true.

c. Both are true.

d. Both are false.

(I)A banker's acceptance is not always a bearer instrument; (II) A banker's acceptance is used for goods that have not yet been transferred from the seller to the buyer.

Select one:

a. (I) is true, (II) false.

b. (I) is false, (II) true.

c. Both are true.

d. Both are false.

(I) Most institutional dealers for T-bills will submit bids in the form of noncompetitive bids; (II) Competitive bids will pay the highest price for T-bills, while non-competitive bidders will pay the average price.

Select one:

a. (I) is true, (II) false.

b. (I) is false, (II) true.

c. Both are true.

d. Both are false.