Which of the following statements is CORRECT?

Select one:

a. If a bond is selling at a discount, the coupon rate is a better measure of the expected return than is the yield to maturity.

b. On an expected yield basis, the expected capital gains yield will always be positive because an investor would not purchase a bond with an expected capital loss.

c. On an expected yield basis, the expected current yield will always be positive for all kinds of bonds because an investor would not purchase a bond that is not expected to pay any cash coupon interest.

d. If a coupon bond is selling at par, its yield to maturity is equal to its expected current yield and its expected capital gains yield is zero.

e. The current yield on Bond A exceeds the current yield on Bond B; therefore, Bond A must have a higher yield to maturity than Bond B.