Which One of the Following Statements Correctly Describes the Major

Which one of the following statements correctly describes the major drawback of a zero- coupon bond?

A) The lack of an annual coupon basically prohibits the investor from locking in a high rate of return.
B) The conversion feature found on most zero- coupon bonds generally requires the investor to switch to a coupon- bearing bond after a period of 5 years.
C) Because there is no reinvestment of a coupon payment, large capital losses accrue when interest rates decline.
D) Unless the bond is held in a tax- sheltered account, the investor must pay taxes on the annual accrued interest even though no interest is actually received.