In the KMV portfolio model, the risk of a loan is measured by :

Group of answer choices

a.the product of the estimated loss given default and risk-free rate on a security of equivalent maturity.

b.annual all-in-spread minus the loss given default.

c.annual all-in-spread minus the expected default frequency.

d.the product of the volatility of the loan's default rate around its expected value and the estimated loss given default.

e.the product of the expected default frequency and the estimated loss given default.