Which of the following statements are true?

Question 1 options:

	The payment of an annuity cannot vary over time
	The present value of annuity due is calculated on the same day the first payment occurs
	In a deferred annuity, interest charges begin to accrue more than one period after the annuity begins.
	The future value of annuity due is calculated on the same day the last payment occurs
	The present value of annuity can be calculated as the sum of the present values of each individual payment
	The expected cash flow approach requires companies to use a higher interest rate to reflect the risk of the investment