Assuming a positive interest rate, how does the present value of a payment received one year from now compare to the present value of an equal payment received two years from now?

Both payments have the same present value.

Present value is not affected by the timing of the payment.

The one$-$year payment has a lower present value than the two$-$year payment.

The one$-$year payment has a higher present value than the two$-$year payment.