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Which of the following statements is true?
The present value of a cash flow will never be greater than the future dollar amount of the cash flow. The higher the discount rate, the higher the present value of a given future cash flow. The present value of a cash flow increases as it moves further into the future.
a. Only statement III is true.
b. All of the statements are true.
c. Only statement I is true.
d. None of the statements are true.

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