Which of the following statements regarding bond investing is most reasonable?

a) The percentage of an investment portfolio's allocation to bonds that may be most reasonable is driven by the life cycle stage of the investor,time horizon of the investments, the risk tolerance applicable to the investor and other factors.

b) Life cycle stage is the only relevant factor in determining how much of an investment portfolio should be invested in bonds.

c) Time horizon of investments should override risk tolerance when making bond investment decisions.

d) Bond investing should only be considered during the wealth accumulation life cycle stage.