Which of the following will result in the highest present value of a fixed lump sum in the future, all other factors being constant?

Select one: a. 8% discount rate of the lump sum in 10 years

b. 4% discount rate of the lump sum in 5 years

c. 4% discount rate of the lump sum in 10 years

d. 8% discount rate of the lump sum in 5 years