14. What is Yield-to-Maturity? Select one:

a. The annualized total return that a bond offers new buyers - assuming that the bond never defaults.

b. The annualized interest rate that a bond pays out each year (as a percentage of its current price) if it does not default.

c. The interest that a bond pays each year as a percentage of its face value rather than its current market price.

d. A measure of the amount of interest rate risk (also known as price risk) that a bond has.

e. A measure of the amount of reinvestment rate risk that a bond has.