Which of the following statements are correct about fiat currency (such as bills & coins)? (Choose an answer from the list below; only one answer is correct.)

Reference: Money in the Modern Economy articl4

Group of answer choices

They represent a promise by the central bank to pay a specified amount of cryptocurrency (ie, they guarantee that a $1 bill can be exchanged for 0.0001 bitcoins).

They represent a promise by the central bank to the specified amount (ie, it guarantees that a $10 bill can be exchanged for two $5 bills, and ensures that all $10 bills therefore have identical value).

Their value is determined by the market price of the materials that they are made of (ie, paper, metals, etc).