Raul needs to choose one alternative from the four alternatives given below. Applying the concept of time value of money, which of the following alternatives should he select?

• Receiving $130 at the end of two years at an interest rate of 8% compounded annually

• Receiving $100 at the end of two years at an interest rate of 9% compounded annually

• Receiving $90 at the end of one year at an interest rate of 5% compounded annually

• Receiving $150 at the end of three years at an interest rate of 7% compounded annually