All else constant, the present value of a stream of equal cash flows occurring at equal intervals of time will increase when the:

I. discount rate is increased

II. discount rate is decreased

III. number of time periods is increased

IV. number of time periods is decreased

• A.

  I only

• B.

  III only

• C.

  II and III only

• D.

  II and IV only

• E.

  I and III only