Project X has cash flows of $8,000, $4,000, and $0 for Years 1 to 3, respectively. Project Y has cash flows of $0, $4,000, and $8,000 for Years 1 to 3, respectively. Which one of the following statements is true concerning these two projects given the projects have the same positive discount rate? (No calculations needed)

Group of answer choices

Both projects are perpetuities.

Both projects have the same future value at the end of Year 3.

Project Y has a higher present value than Project X.

Project X has a higher present value than Project Y.

Both projects have the same value at Time 0.