Which of the following statement is false?

Everything else equal, an effective annual rate of a money market security will be greater than the bond equivalent yield on the same security,

Money markets exist to help reduce the opportunity cost of holding cash balances.

The majority of money market securities are low$-$denomination, low$-$risk investments designed to appeal to individual investors with excess cash.

Commercial paper, Treasury bills, and banker's acceptance rates are all quoted as discount vields.