Which of the following alternatives will give the lowest present value?

• Receiving $500 at the end of three years at an interest rate of 11% compounded annually
• Receiving $450 at the end of two years at an interest rate of 9% compounded annually
• Receiving $650 at the end of three years at an interest rate of 10% compounded annually
• Receiving $550 at the end of two years at an interest rate of 8% compounded annually