4. Suppose you are trying to evaluate a bond. Which of the following is (are) true?

I. The higher the required return, the present value of coupon payments is higher.

II. When market interest rates fall, bond prices will fall, all else equal.

III. Bonds with long maturities (up to 30 years to maturity, all else equal) are more sensitive to changes in yield to maturity than bonds with shorter maturities.

IV. All else equal, a bond with higher coupon will result in higher bond prices for the same yield to maturity.