Which one of the following statements concerning Treasury bonds is correct?
A) The par values of all Treasury bonds are adjusted periodically in response to changes in the rate of inflation.
B) Treasury bonds have maturity dates ranging from two to ten years.
C) Interest earned on Treasury bonds is tax-exempt at the federal level.
D) All Treasury securities are backed by the "full faith and credit" of the U.S. government.
Answer: D
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