Please select which of the following statement is true: I. If the market rate is higher than the coupon rate, the bonds will be issued at a discount. II. The annual payment on a bond is calculated by multiplying the market rate times the face value of the bond. III. Bonds must have a positive coupon rate.

Select one:

a. Only I is a true statement

b. I and III are correct statements

c. I and II are correct statements

d. All the statements are true