Investment X offers to pay you $9,125 per year for 2 years at a discount rate of 4.5%, Investment Y offers to pay you $5,951 per year for 3 years at a discount rate of 3%. Investment Z offers to pay you $4,310 per year for 4 years at a discount rate of 2%. Which of these cash flow streams has the higher present value?

Select one: a. Investment X b. Theyre all the same c. Investment Z d. Investment Y