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Which of the following statements is most correct?

Which of the following statements is most correct?
a. In a private placement, securities are sold to private (individual) investors rather than to institutions.
b. Private placements occur most frequently in stock issues, but bonds can also be sold by private placement.
c. Private placements are convenient for issuers, but the convenience is offset by higher flotation costs.
d. The SEC requires that all private placements be handled by an investment banker.
e. The above statements are all false.

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