3 > 11 Audrey is considering two perpetuities which are identical in every way, except that perpetuity Z will begin making annual payments of $P to you three years from today while the first $P payment for perpetuity Y will occur one year from today. It must be true that the present value of perpetuity: a) Z is equal to that of perpetuity Y. b) Z is greater than that of Y by $2P. c) Y exceeds that of Z by the PV of $P for two years. d) Z exceeds that of Y by the PV of $P for two years. e) Y is greater than that of Z by $2P.