d. Series of unequal cash flows 12. An ordinary annuity is paid a. At the end of the period b. At the beginning of the period 13. An annuity due is paid a. At the end of the period b. At the beginning of the period 14. The process of a present value earning interest and growing to a future value is called a. Rebounding b. Discounting c. Increasing d. Compounding 15. When the first payment of a series of equal payments is made more than one period in the future, it is called a. Delayed cash flow b. Future payment c. Skipped cash flow