Which of the following statements is CORRECT?
1. The periodic interest rate is greater than 3%.
2. The periodic rate is less than 3%.
3. The present value would be greater if the lump sum were discounted back for more periods.
4. The present value of the $1,000 would be smaller if interest were compounded monthly rather than semiannually.
5. The PV of the $1,000 lump sum has a higher present value than the PV of a 3-year, $333.33 ordinary annuity.
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