Investment X offers to pay you $6,812 per year for nine years at a discount rate of 4.5%, Investment Y offers to pay you $2,600 per year for thirteen years at a discount rate of 2.6%. Investment Z offers to pay you $3,500 per year for seventeen years at a discount rate of 2%. Which of these cash flow streams has the higher present value?

Select one:

a. Investment Z

b. Theyre all the same

c. Investment X

d. Investment Y