You are considering the following investments:

R:Pays $300 at theendof every year for the next 10 years (a total of 10 payments).

S:Pays $150 at the end of every 6-month period for the next 10 years (a total of 20 payments).

V:Pays $150 at thebeginningof every 6-month period for the next 10 years (a total of 20 payments).

P:Pays $3,000 at theendof 10 years (just one payment).

If all the investments have the same discount rate, which is greater than zero, what statement below is CORRECT?

A) Investment P has the lowest present value

B) Investment V has the lowest present value

C) Investment S has the lowest present value

D) Investment R has the lowest present value