Suppose two alternative investments promise cash flow streams that possess equal lives. Further, suppose the simple sum of the cash flows for each investment is the same amount. Given a positive interest rate, which investment has the smallest present value?

A. An investment which generates most cash flows at the beginning of its life

B. An investment which generates most cash flows at the end of its life

C. An investment that is being discounted by a small discount rate

D. An investment which generates equal cash flows each period

E. There is no reliable relationship between the distribution of cash flows and present value