Which of the following statements is correct? Select one:

a. When calculating the present value of a growing perpetuity using the formula "present value of a growing perpetuity, the growth rate cannot exceed the discount rate.

b. When calculating the present value of a growing annuity, which is paid annually during 35 years, you cannot use the formula "Present value of a growing annuity if the growth rate is larger than the discount rate.

c. The present value of a cash flow is the value of a future cash flow (money) in the terms of a year in the future.

d. Future value shows the present value of cash flow (money) discounted at a risk free rate.