Which of the following statements is INCORRECT?

Select one:

a. Bill saves $3,000 per year in his pension fund starting at age 25 and continuing to age 65, when he retires. The amount Bill has in his pension fund at age 65 can be characterized as the future value of an annuity.

b. The future value of a 10-year ordinary annuity is twice as much as the future value of an otherwise identical 5-year annuity.

c. If interest rate is positive, then future value of annuity due will be greater than future value of ordinary annuity.

d. The future value of an annuity due is greater than the future value of an otherwise identical ordinary annuity.