Problem $5.$ Which of the following is$/$are $($an$)$ advantage$($s$)$ of issuing public debt? I It avoids a costly and time$-$consuming reporting process avoids a costly issuing process III Leverage ratios of the firm are not affected.

a$)$I only

b$)$II only

c$)$III only

d$)$ All are advantages of issuing public debt

e$)$ None of the above are advantages of issuing public debt