Which of the following is not true? O Annuities refer to a series of payments that will theoretically last forever. The present value of future cash inflows can change based on whether the interest rates compounds annually, semiannually or monthly The present value of perpetuities tend to be higher when the perpetual payments will grow over time rather than staying constant (unchanged). The present value of annuities tend to be higher when the perpetual payments will grow over time rather than staying constant (unchanged)