If the effective annual rate for all investments is same and greater than zero, which of the following investments would have the lowest present value? Question 18 options:

a) This investment pays $250 at the beginning of each year for 10 years.

b) This investment pays $2,500 at the end of every year for 10 years.

c) This investment pays $1,500 at the beginning of every year for 10 years.

d) This investment pays $250 at the end of each for 10 years.