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Which of the following statements about the Yield to Maturity (YTM) is NOT true? a The YTM determines the bond's coupon payments b The YTM

Which of the following statements about the Yield to Maturity (YTM) is NOT true?

a The YTM determines the bond's coupon payments

b The YTM will fluctuate through time

c The YTM is equal to the coupon rate if the bond sells at par

d The YTM is what investors actually demand on the issue

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