Which of the following is true of a certificate of deposit?

Select one:

a. A fall in its demand will lead to an increase in the price of the security and a fall in its yield to maturity.

b. It is not a liquid security and cannot be transferred from one party to another.

c. Higher the term to maturity of a certificate of deposit, higher the yield to maturity.

d. It is sold by large corporations to raise short-term funds.