Consider an instrument paying a single cash flow sometime in the future. Which of the following is true? Choose two, 2 points each a) The further in the future the cash is to be paid, the greater the present value. b) The greater the cash flow, the greater the present value c) The lower the spot rate, the lower the present value d) The nearer in the future the cash is to be paid, the greater the present value. o e) The higher the spot rate, the higher the present value