An investment project is expected to yield a gross return of $x$ dollars at

time $T.$ Another investment project will yield $x$ dollars at time $T-1$ or

$x$ dollars at time $T+1$ with equal probability. The present value costs of

the two projects are identical. If the discount rate is less than one and the

decision maker is risk neutral, which project will be chosen? Assume there

is no other investment opportunity at the termination of these projects.