Assume That Interest Rates on 15-Year Noncallable Treasury and Corporate $\begin{array} { l l } \text { T-6and =7.72\% }& \mathbf { A } = 9.64 \%\\\mathrm { AAA } = 8.72 \% & \mathrm { BBB } = 10.19 \% \end{array}$

Assume that interest rates on 15-year noncallable Treasury and corporate bonds with different ratings are as follows:
$\begin{array} { l l } \text { T-6and =7.72\% }& \mathbf { A } = 9.64 \%\\\mathrm { AAA } = 8.72 \% & \mathrm { BBB } = 10.19 \% \end{array}$
The differences in rates among these issues were most probably caused primarily by:

A) tax effects.
B) default risk differences.
C) maturity risk differences.
D) inflation differences.
E) real risk-free rate differences.

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