Paul is going to receive $35,000 eight years from now. Peter is going to receive $35,000 five years from now. Which one of the following statements is correct if both Paul and Peter apply a 8 percent discount rate to these amounts?

The future values of Paul and Peter's monies are equal.

In future dollars, Paul's money is worth more than Peter's money.

None of the above.

The present values of Paul and Peter's monies are equal.

In future dollars, Peter's money is worth more than Paul' money.