Which of the following statements in NOT true?

A $$ The nominal risk$-$free rate is composed of two components: the real risk$-$free rate and adjustment for the average inflation rate that is expected during the life of the investment.

B $$ The real risk$-$free rate of interest is an economic term defined as the interest rate that would exist on a security with a guaranteed payoff.

C $$ The real risk$-$free rate depends especially on the rate of return borrowers are willing to pay to borrow funds and on investors' time preferences for current versus future consumption.

D $$ If the term risk$-$free rate is used without either the term real or the term nominal, people generally mean the quoted $($nominal$)$ rate.