When determining the value of a firm, which of the following statements is true?

1.The timing of cash flows a firm can generate is very important in determining the value of a firm. All else being equal, cash received later is better.

2.The timing of cash flows a firm can generate is very important in determining the value of a firm. All else being equal, cash received sooner is better.

3.The timing of cash flows a firm can generate is irrelevant in determining the value of a firm.