Which of the Following Statements Are Correct Concerning Present Value

Multiple Choice

Which of the following statements are correct concerning present value?
I. The present value interest factor for a single sum is always equal to or less than 1.
II. The lower the discount rate for a given year, the smaller the present value interest factor.
III. The further in time, the smaller the present value interest factor.
IV. The present value is equal to the future value only when the stated interest rate is 1%.

A) I and II only
B) I and III only
C) II and III only
D) I, III and IV only