The term structure of interest rates:
I. represents the real rates of return on risk-free securities with varying maturities.
II. represents the pure time value of money.
III. illustrates the differences in returns between risk-free and risky bonds.
IV. is based on the nominal rates of return on default-free, pure discount bonds.

I and III only
II and IV only
I and IV only
II, III, and IV only
I, II, and III only