Which of the following statements is correct, all else constant?

1. Future values are always smaller than present values when both r and t are positive.

2. Future values are always equal to present values when both r and t are positive.

3. If the rate at which you can invest is 10 percent, the value today of $1 to be received in the future, is less than $1.

4. If the rate at which you can invest is 2 percent, the future value of $1 received today, is less than $1.