Which one of the following would have the smallest present value, assuming a positive discount rate?

		$1,000 today plus $100 a month for 2 years.
		$1,000 today plus $200 a month for a year.
		$1,000 today plus $400 a month for six months.
		$2,200 today plus $200 a month for six months.
		$2,200 today plus $100 a month for a year.

2 points