Assume the yearly interest rate is positive and constant in the following years. Which of the following statements is NOT correct? Select one:

a. Given the amount to be paid at some future date, its present value is lower when the periodic interest rate is higher.

b. The value of a dollar invested will grow over time but at a smaller rate further into the future.

c. The greater the number of compounding periods within a year, the greater the future value of a dollar saved today.

d. It is impossible for the future value of a dollar today to be lower than its present value.