Consider two identical annuities with same positive discount rate and number of payments. Annuity A pays at the end of each year, while annuity B pays at the beginning of each year.

Which of the following statements is correct?

		Present value of annuity B < Present value of annuity A
		Future value of annuity B > future value of annuity A
		Future value of annuity B < Future value of annuity A
		They both have the same present value
		Present value of annuity A > Present value of annuity B