The yield-to-maturity is a popular measure of total return on a bond. However, YTM is the actual yield received on a bond only if certain conditions hold. Which of the following would need to happen for the YTM to equal the actual yield received by the investor?\ \ I. The bond is held to maturity.\ \ II. The bond must pay coupons semiannually.\ \ III. The coupons are reinvested at the YTM.\ \ IV. The bond is held beyond the first par call.\ \ a.\ I, III\ \ b.\ II, III\ \ c.\ III, IV\ \ d.\ I, II\ \ e.\ None of the above are correct