17. Consider the calculation of future value, either a single payment or an annuity. Which of the following statements is incorrect?

1. If deposits are made into an account at the beginning-of-the-period, instead of end-of-period, the accumulated future value will be lower.
2. Starting with a larger initial investment will lead to a larger future value.
3. An amount invested today, will yield a lower future value, if the interest rate earned is decreased.
4. Monthly deposits of $1000, in comparison to one annual, year-end, $12,000 deposit, will generate a higher future value.
5. If compounding is continuous, calculation/multiplication of the present value of a future payment will involve a PVIF that is less than one.