QUESTION 3 An investor is more likely to exercise a put option on a bond after A. a decrease in interest rates. B. an increase in interest rates. O C. an upgrade of the bond's rating by Moody's. D. an increase in the bond's price. QUESTION 4 90-day Treasury bills 8.36 percent 180-day Treasury bills 8.48 percent 2-year Treasury notes 9.10 percent 3-year Treasury notes 9.25 percent 90-day Commercial paper 9.15 percent 3-year Corporate bonds (AA) 10.10 percent 3-year Municipal (AA) 7.07 percent 3.50 percent Expected 2-year inflation rate With reference to the data above, which security below did the market view as having the greatest default risk O A 3-year Treasury securities B. 90-day Commercial paper OC. 90-day Treasury securities O D.3-year Corporate bonds (AA)