Final answer:
The component of the cardiac conduction system located between the ventricles that divides into the left and right branches is the Bundle of His. It extends from the AV node into the interventricular septum, splitting into left and right bundle branches for the left and right ventricles respectively.
Step-by-step explanation:
The component of the cardiac conduction system located between the ventricles and which splits into the left and right branches is the b) Bundle of His. This structure arises from the atrioventricular (AV) node and extends into the interventricular septum where it divides into the right and left bundle branches. The left bundle branch further splits into two fascicles to supply the larger left ventricle.
These pathways are essential for the sequential contraction of the heart, ensuring efficient blood flow. As for the component of the heart conduction system with the slowest rate of firing, this attribute belongs to the a) atrioventricular node. It has a critical pause before depolarizing, allowing the atria to complete pumping blood before the impulse is transmitted to the ventricles through the atrioventricular bundle.