Which of the following statements is true regarding the exchange rate system created by the Bretton Woods Accord?

I. The International Monetary Fund (IMF) sold and purchased currencies to maintain established exchange rates

II. All participating nations had their currencies tied to the value of the British pound, which was redeemable in gold

III. Foreign currency values were managed by the IMF to remain within 1% of their fixed values

Select one:

a.

I only

b.

I and II only

c.

I and III only

d.

I, II, and III