Which of the following statement is INCORRECT?

a. An ordinary annuity has payments at the end of each year.

b. An annuity due has payments at the beginning of each year.

c. An annuity due has a greater FV than an ordinary annuity, if they both have the same periodic payments, discount rate and time period.

d. An annuity due has a lower FV than an ordinary annuity, if they both have the same periodic payments, discount rate and time period.