Which of the following statements about interest rate swaps is/are true? I. When an intermediary is involved in a swap, the intermediary assumes no counterparty risk for either end of the transaction II. It is possible for both counterparties to benefit from a swap even if one counterparty has the absolute advantage in all types of borrowing III. The notional principals are exchanged by the counterparties at the end of an interest rate swap's life IV. The differences in how credit risk is priced gives rise to comparative advantage in borrowing through swaps. a. II and IV b. I, II, III, and IV c. I, II, and III d. II and III e. III, III, and IV