Which of the following is TRUE based on the idea of Time Value of Money?

a. An increase in discount rate causes the present value of a payment to increase.

b. Money received in 2050 is worth more than the money received today.

c. The future value of a bigger lumpsum will always be higher than the future value of a smaller lumpsum everything else remaining constant.

d. For a payment to be considered annuity, the present value must be equal to the future value and all of the payment must be annual.