Annuity X pays $1,200 at each year-end for 15 years. Annuity Y pays $1,100 at the beginning of each year for 15 years The effective annual rate is 8%. Which one is correct? Annuity X has a higher present value than Annuity Y. Annuity Y has a higher present value than Annuity X Annuity X has the same present value as Annuity Y