Label each of the following statements true, false, or uncertain. explain your choice carefully.

(a) the present discounted value of a stream of returns can be calculated in real or nominal terms.
(b) the higher the one-year interest rate, the lower the present discounted value of a payment next year.
(c) one-year interest rates are normally expected to be constant over time.
(d) bonds are a claim to a sequence of constant payments over a number of years.
(e) the yield curve normally slopes up.