All the following statements concerning the present value of annuity payments are correct, EXCEPT:

The present value of an annuity can be computed by totaling the present values of the individual annuity payments.

All other things being equal, the present value of an annuity due is greater than the present value of an ordinary annuity by the amount of one year's interest.

In the computation of the present value of an ordinary annuity, the first annuity payment is discounted for zero years.

If the present-value-of-an-ordinary-annuity factor for 5 years and 3.5% is 4.51505, then the present value of a stream of 5 payments of $3,000 each, beginning one year from now and discounted at a 3.5% rate of interest, is $13,545.15.