(I) The spread between the interest rate on a one-year U.S. Treasury bond and a 20-year U.S. Treasury bond.

(II) The spread between the interest rates on bonds with default risk and those of the default-free bonds when both types of bonds have the same maturity.

Your friend Samantha argues that both (I) and (II)will be equal. As an expert of capital markets, provide your opinion indicating whether her argument is correct or not. In your answer, indicate what are the concepts implied in (I) and (II).