Identify the one true statement about $$swap contracts$$:

$($a$)$ The first well$-$known swap contract was between two well$-$known commercial

banks.

$($b$)$ To value an outstanding swap contract, one simply computes the present value of

all future cash inflows and the present value of all future cash outflows. You do not

need to convert the present values into the same currency.

$($c$)$ A fixed$-$for$-$fixed currency swap may allow one to borrow in a foreign currency at a

lower interest rate compared to directly borrowing in the foreign currency.

$($d$)$ Swap rates are very different from risk$-$free rates.

$($e$)$ None of the above