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Which of the following statements is false? When we refer to the risk-free interest rate, we mean the rate on U.S. Treasuries. Interest rates vary

Which of the following statements is false?

When we refer to the "risk-free interest rate," we mean the rate on U.S. Treasuries.

Interest rates vary with the investment horizon.

All borrowers, besides the U.S. Treasury, have some risk of default.

When interest on a loan is tax deductible, taxes are reduced by the amount of interest paid.

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