Portfolio A: A $100 face-value 2-year risk-free bond with 4% semi-annual coupons. Coupons are paid on January 1 and July 1.

Portfolio B: A $100 stock with expected 3% annualized dividends paid quarterly. Dividends are expected to be paid on January 1, April 1, July 1, and October 1.

Portfolio C: A $100 cryptocurrency ETF with expected 4% annualized dividends paid quarterly. Dividends are expected to be paid on January 1, April 1, July 1, and October 1.

Portfolio D: A $100 mortgage with two years remaining and 8 payments remaining. The interest is 3% annual interest. Assume the interest is the same amount for each quarter (does NOT depend on the number of days). Mortgage payments are quarterly.

Which is the cheapest present value of cash flow