In calculating the present value of a future cash flow, which of the following statements is true: 1) The lower the discount rate, the lower the present value; the farther into the future the cash flow occurs, the higher the present value. O 2) The higher the discount rate, the lower the present value; the farther into the future the cash flow occurs, the lower the present value. 21 The lower the discount rate, the lower the present value; the farther into the future the cash flow occurs, the lower the present value. 4) The higher the discount rate, the lower the present value; the farther into the future the cash flow occurs, the higher the present value