The following statements concerning callable bonds are all correct EXCEPT: Select one: a. If it is freely callable, the issuer may retire the bond at any time b. If it is non-callable, the issuer may not retire the bond prematurely c. In periods of falling interest rates, the issuer can reduce its interest expense by calling a bond issue with a high coupon and replacing it with a new issue carrying a lower coupon. d. Call features are actively sought by investors since they receive a premium when bonds are called