How would (a) an increase in the discount rate or (b) a decrease in the time period

Question:

How would (a) an increase in the or (b) a decrease in the time period until the cash flow is received affect the present value? Why?
Discount Rate
Depending upon the context, the discount rate has two different definitions and usages. First, the discount rate refers to the interest rate charged to the commercial banks and other financial institutions for the loans they take from the Federal...