True or False

1- The amount in US dollars needed to exchange for the currency of another country changes over time or remains the same depending on whether the foreign currency is pegged to the US dollar or is allowed to float independently against the US dollar.

2- Banks buy and sell foreign currencies in trades between banks and customers using the interbank exchange rates.

3- Companies often need to account for foreign currency borrowings when they have business operations in foreign countries or can obtain favorable interest rates in a foreign country.

4- Foreign currency options are used by companies to lock in the price at which it will sell foreign currency for US dollars at some point in the future.

5- Under financial accounting standards companies carry all derivatives on their balance sheet at their fair value