(TVM) A future value of an annuity problem is a type of time value of money problem in which there is a series of equal (or related) payments. Which of these statements relating to future values of annuities is the most correct?

• A. The future value of an annuity due is greater than the future value of an otherwise similar (same payments and duration) ordinary annuity.
• B. The future value of an annuity factor is larger than the included number of payments.
• C. The rate of return is applied to a growing balance as time passes.
• D. All of above are correct.
• E. None of the above are correct.