Which of the following is/are true about the equity-linked CD?

I. The equity-linked CD has a fixed return regardless of the stock market return.

II. The equity-linked CD can be viewed as a zero-coupon bond plus an embedded call option.

III. The value of equity-linked CD can be determined according to the Modigliani-Miller Theorem.

Answer choices:

I only

I and II only

II and III only

all of above