If a company's bonds are selling at a discount, then:

A. a. The YTM is the return investors probably expect to earn.

B. b. The YTC is probably the expected return.

C. c. Either a or b could be correct, depending on the yield curve.

D. d. The current yield will exceed the expected rate of return.

E. e. The after-tax cost of debt to the company will have to be less than the coupon rate on the bonds.