1. The concept of present value relates to the idea that* The discount rate is always higher when you invest now than in the future The discount rate is always higher when you invest in the future than now The money you have now is worth less today than an identical amount you would receive in the future The money you have now is worth more today than an identical amount you would receive in the future 2. The formula for calculating future value (FV) is* FV = PV/(1+r)^n FV = PV/(1+r)*n FV = PV X (1+r)^n FV = PV X (1+r)*n 3. If you were able to earn interest at 3% and you started with $100, how much would you have after 3 years?* $91.51 $109.27 $291.26 $103.00