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What is the relationship between the future value of a deferred annuity and the future value of an annuity not deferred? They are computed using

What is the relationship between the future value of a deferred annuity and the future value of an annuity not deferred?

They are computed using different equations.

They are computed the same way.

The future value of an annuity not deferred is always higher than the future value of an annuity deferred.

The future value of an annuity not deferred is always lower than the future value of an annuity deferred.

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