Which of the following statements are correct given a constant interest rate and constant five-year period of time?

I. An increase in the future value causes the present value to decline.

II. An increase in the future value causes the present value to increase.

III. There is an inverse relationship between the present value and the future value.

IV. There is a direct relationship between the present value and the future value.

Select one:

a. I and III only

b. II and IV only

c. II and III only

d. I only

e. I and IV only