Matrix Bank has compiled the following migration matrix on consumer loans. Which of the following statements accurately summarizes this data? Risk of the grade at End of Year 1 2 3 Risk grade at the 1 0.88 0.08 0.02 0.02 eginning of the year 2 0.1 0.84 0.03 0.03 3 0.02 0.09 0.78 0.11 a. Grade one loans have a higher probability of downgrade than grades two or three b. Grade three loans have a lower probability of upgrade than grade two loans c. Grade three loans have a higher probability of downgrade than grade two loans d. Both option A and option C e. All of option A, option B and option C