15. Which of the following statements is INCORRECT about working capital financing? a. The maximum maturity for commercial paper without Securities Exchange Commission (SEC)registration is 365 days. b. Accruals are "free" in the sense that no explicit interest is paid on these funds. c. A conservative approach to working capital will result in all permanent assets being financed using long-term securities. d. The risk to the firm of borrowing with short-term credit is usually greater than with long-term debt; added risk can stem from greater variability of