Which of the following statements is correct?

a. Any number of changes that are observed over time in the physical and social sciences unfortunately do not follow a compound growth rate pattern and the future value formula cannot be used in calculating these growth rates.

b. All the answers are correct.

c. The future value is the value today of a future cash flow.

d. The present value factor 1 / (1 + i)^n is the reciprocal of the future value factor (1 + i)^n.

e. The present value is what the investment will be worth after earning interest for one or more periods.