Which of the following statements concerning the time value of money is True?

1. Two economic propositions are equivalent if and only if the arithmetic sum of the individual incomes and expenses for each is the same over the entire timeline of the proposition.
2. Two economic propositions are equivalent if and only if the value of each proposition is the same at the same point in time.

a) 1

b) 2

c) 1 & 2

d) none