Your boss wants you to evaluate an investment opportunity. You decide that the best approach is to calculate the sum of the present values of its expected cash flows. Which of the following wouldincreasethe calculated value of the investment?

The discount rateincreases.

The investment is set up like an annuity (equal payments over a fixed interval) and the cash flows total to $200,000. You learn that the annuity lasts for 20 years instead of 10 years, thus each payment is for $10,000 rather than for $20,000.

The riskiness of the investment's cash flowsincreases.

The total amount of cash flows remains the same, but more of the cash flows are received in the later years and less are received in the earlier years.

The discount ratedecreases.