Which of the following statements about currency swaps is/are true? I. All currency swaps have an NPV of zero when the contract is signed II. It is possible for both counterparties to benefit from a swap even if one counterparty has the comparative advantage in all types of borrowing III. When an intermediary is involved in a swap, the intermediary assumes no counterparty risk for either end of the transaction IV. The differences in how credit risk is priced gives rise to comparative advantage in borrowing through swaps. a. I, II, III, and IV b. I and IV c. I, II, and III d. II and IV e. II, III, and IV