Which statement does NOT correctly describe bonds?

a. Municipal bonds are used by state and local governments to finance school, roads and other public projects.

b. A one-year T-bill with a face value of $1000 and offered at $900 yields an interest rate of 11.1 percent.

c. U.S. treasury notes have maturities that range from 2 to 10 years whereas U.S. treasury bonds have maturities of 30 years.

d. Corporate bonds are usually issued at a lower rate of interest than government bonds because of their lower risk of default.