Which of the Following Statements Is FALSE

Which of the following statements is FALSE?

A) As long as investors can borrow or lend at the same interest rate as a firm, homemade leverage is a perfect substitute for the use of leverage by the firm.
B) When investors use leverage in their own portfolios to adjust the leverage choice made by a firm, we say that they are using homemade leverage.
C) The value of a firm is determined by the present value (PV) of the cash flows from its current and future investments.
D) The investor can re-create the payoffs of unlevered equity by borrowing and using the proceeds to purchase the equity of a firm.