Which of the following statements about the realised yield on bonds is true?

Select one:

a. realised yield can exceed yield to maturity at purchase date, when bonds are sold in the primary market.

b. realised yield always differs from the yield to maturity at purchase date.

c. realised yield can exceed yield to maturity at purchase date, when bonds are sold in the secondary market.

d. realised yield is equivalent to the annualised capital gain on investment.