12. Which of the following statements is not correct?

a. The present value of a three-year $150 annuity due exceeds thepresent value of a three-year $150 ordinary annuity.b. The proportion of the payment that goes toward interest on anamortized loan declines over time.c. If an investment pays interest compounded annually, theeffective, periodic, and stated rates of interest are all thesame.d. If interest rates are positive, the future value of a given sumwill always be less than its present value.e. A loan repaid in equal periodic amounts is called an amortizedloan.