Which of the following statements is incorrect? Select one: O a. If an investment pays 10 percent interest compounded annually, its effective rate will be smaller than 10 percent Ob An investment's nominal interest rate will always be equal to or smaller than its effective annual rate. O c. Other things equal, the present value of a 5-year $100 annuity due will be larger than that of a 5-year $100 ordinary annuity O d. An investment's periodic interest rate will always be equal to or smaller than its nominal interest rate. Oe. Other things equal, the higher the compounding frequency, the larger the periodic interest rate