If the same series of consecutive cash flows in Excel are evaluated for their NPV on a Monthly, rather than on an Annual basis, which of the following accurately describes the difference in the Net Present Value when comparing the NPV assuming the cash flows are Monthly values, as opposed to assuming the cash flows are Annual values?

• 1.The Net Present Value becomes greater
• 2.Not enough information provided
• 3.The Net Present Value stays the same
• 4.The Net Present Value becomes smaller