4. True or False: For present value, it doesnt matter if the first cash flow received is today or a year from now.

5. Andy, Brandi, Randy and Sandy are investing the same equivalent amount over the course of a year for 15 years and will earn the same annual interest over those 15 years. At the end of the 15 years, Sandy will have the most money, Andy the least, Brandi a bit more than Andy and Randy a bit more than Sandy. Rank these investors, from most to least, in terms of the frequency with which they make their investments during the year.

6 .Wally, Dolly, Holly and Molly are determining how much they need to live off the same amount over the course of a year for the next 10 years and are investing at the same frequency. In terms of how much they need, though, Hollys is the most, Molly a bit less than Holly, Wally the least, and Dolly a bit more than Wally (and less than Holly). Rank these investors, from lowest to highest, in terms of the interest rate the investors are using.