Ted purchased an annuity today that will pay $1200 a month for seven years.He will receive his first payment one month from today.Allison purchased an annuity that will pay $1200 a month for seven years.She received her first monthly payment today.Which of the following statements is correct concerning these two annuities?

a.Ted's annuity is an annuity due.

b.Allison's annuity has a higher present value than Ted's.

c.Ted's annuity has a higher present value than Allison's.

d.Both annuities have equalvalue today.

e.Allison's annuity is an ordinary annuity.