Consider two annuities - all characteristics are the same (same payments, same discount rate r>0, same number of payments, same risk) except the timing of the payments. Annuity A is an annuity due (payments at start of each period) while Annuity B is an ordinary annuity (payments at the end of each period). Choose the best statement:

a. There is no difference between the present and future values of the two annuities as they the sum of their payments are the same.

b. The present value of the annuity due equals PV of ordinary annuity /(1+r)

c. The future value of the annuity due equals (1+r)*FV of ordinary annuity

d. The present value of the annuity due equals PV of ordinary annuity plus the value of one payment

e. The future value of the annuity due equals FV of ordinary annuity / (1+r)