Question 12 The difference between the price and the par value of a zero-coupon bond represents O taxes payable by the bond buyer o the accumulated principal over the life of the bond the bond premium O the accumulated interest over the life of the bond Which of the following statements regarding junk bonds is true? O Junk bonds typically offer lower yields to maturity than investment-grade bonds. O Junk bonds have higher priority in bankruptcy than preferred stock. O Junk bonds offer no coupon payments to investors. O Junk bonds are typically defined as bonds with default probabilities of 25% or higher