单选题 Which of the following statements about zero-coupon bonds is FALSE? A. The lower the price, the greater the return for a given maturity. B. A zero-coupon bond provides a single cash flow at maturity equal to its par value. C. A zero coupon bond may sell at a premium to par when interest rates decline.

【正确答案】 C

【答案解析】Zero coupon bonds always sell below their par value or at a discount prior to maturity. The amount of the discount may change as interest rates change, but a zero coupon bond will always be priced less than par.