Which of the following statements about bonds is true?
a. Bond prices move in the same direction as market interest rates.
b. If market interest rates change, long-term bonds will fluctuate more in value than short-term bonds.
c. Long-term bonds are less risky than short-term bonds.
d. If market interest rates are higher than a bond’s coupon interest rate, then the bond will sell above its par value.
e. If market interest rates change, higher coupon bonds will fluctuate more in value than lower coupon bonds.