Which of the following most accurately summarizes the advantages and disadvantages of treasury bills as a means of short-term investment?

Select one:

a. Low to moderate risk; low to moderate yield; few liquidity constraints.

b. Very low risk; low to moderate yield; but low liquidity because the face value of T bills can only be received at maturity (52 weeks).

c. Very low risk; low to moderate yield; high liquidity because T bills can be sold on secondary markets or the value received at maturity (4 to 52 weeks).

d. High risk, but high yield and few liquidity constraints.