Which cash flow has the greatest present value if your discount rate is 9.5%?

A) A lump sum payment of $10,000 today

B) A lump sum payment of $25,000 at the end of 10 years

C) A perpetual stream of annual payments starting at $500 in one year and increasing at 5% per year thereafter

D) A perpetual stream of annual parents of $1,000 starting in one year