Investment X offers to pay you $9,125 per year for nine years at a discount rate of 4.5%, Investment Y offers to pay you $5,951 per year for thirteen years at a discount rate of 2.6%. Investment Z offers to pay you $4,310 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 X

b. Investment Z

c. Theyre all the same

d. Investment Y