3)

Which of the following statements is correct? O a. The last payment of an ordinary annuity is made at the beginning of the O b. The last payment of an annuity due is made at the end of the last year O c. An ordinary annuity has a greater PV but smaller FV than an annually owe it they cat periodic payments, discount rate, and time period. O d. An ordinary annuity has a smaller PV but greater FV than an annuity due they both bentem periodic payments, discount rate, and time period. O e. An ordinary annuity has smaller PV and Fy than an annuity due it they both have the same periode payments, discount rate, and time period