Which of the following statements is most likely incorrect?

a. The price of a bond fluctuates over time, while the par value is fixed and represents the amount to be repaid on the maturity.

b. Bonds are riskless, since bondholders have precedence over stockholders in the case of bankruptcy.

c. For zero-coupon bonds, the interest is earned from the difference between the discounted issue price and the par value received at maturity.