4) Which of the following statement(s) is/are false? I. At year start, the spot rate was $1.5 = 1 and at year end, the spot rate is $1.45 = 1. This means the pound has appreciated. II. If you want to buy from the dealer, you'll transact at the bid price, III. Compare to the spot market, the forward market has less counterparty risk. a) I only d) I and III only b) II only e) None of the above answers c) III only