Investment X offers to pay you $6,500 per year for 2 years at a discount rate of 4.5%, Investment Y offers to pay you $2,600 per year for 6 years at a discount rate of 3%. Investment Z offers to pay you $3,500 per year for 4 years at a discount rate of 2%. Which of these cash flow streams has the lower present value?

Select one:

a.Investment X

b.Investment Y

c.Investment Z

d.Theyre all the same