24. If the personal income tax rate is greater than zero, which of the following statements is incorrect?

a. In general, the interest rate on taxable (corporate) bonds must be set higher than the interest rate on tax-exempt (municipal) bonds to produce the same amount of usable (after-tax) income for the investor.

b. In general, not-for-profit corporations are able to issue debt for a lower cost than can for-profit corporations.

c. The after-tax cost to an individual of a $1,000 donation to a not-for-profit hospital would be less than $1,000.

d. The after-tax yield from an investment in a tax-exempt (municipal) bond paying 7 percent would be less than 7 percent.

e. The after-tax yield from an investment in a taxable (corporate) bond paying 7 percent would be less than 7 percent.