Question: When applying the spot yield valuation and the par yield ( yield to maturity ) valuation to the same bond, which of the following statements

When applying the spot yield valuation and the par yield (yield to maturity) valuation to the same bond, which of the following statements is true?
a. The spot yield valuation will only be higher in a flat yield curve environment
b. The par yield valuation will always be higher than the spot yield valuation
c. Both will result in the same valuation for the same bond
d. The spot yield valuation will always be higher than the par yield valuation

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