A DCF projects flat free cash flow of $100 for five years at a 10% WACC, with no terminal value. Switching from year-end to mid-year discounting changes the present value by approximately how much?

• No change; mid-year convention relabels the periods without moving value
• About +10%, matching the discount rate
• About +50%, since each flow moves half a year closer
• About -5%
• About +5%