Which of the following is true regarding the time value of money?

	a.	When considering the time value of money, the present value of $100,000 received today is equal to the present value of receiving $50,000 at the end of each of the next two years.
	b.	The present value of a dollar increases with the amount of time until the dollar is received.
	c.	When considering the time value of money, capital investments with earlier cash inflows are preferable to those with identical dollar cash inflows received later.
	d.	The higher the discount rate the higher the present value of a dollar received in the future.