Which of the following statements regarding a zero-coupon bond is true?

(a) An investor who holds a zero-coupon bond until maturity will receive an annuity of coupon payments plus recovery of principal at maturity.

(b) An investor who holds a zero-coupon bond until maturity will receive an annuity of coupon payments.

(c) Compared to a xed-coupon bond with the same characteristics, a zero-coupon bond has a higher duration.

(d) An investor who holds a zero-coupon bond until maturity will receive a return higher than the bonds eective annual yield.