Which of the following statements is most correct?

The effective annual rate will always be greater than or equal to the nominal rate

If you were borrowing money at a nominal interest rate of 10%, you would be better off if the bank used daily rather than quarterly compounding

The PV of an ordinary annuity will be larger tahn the PV of an annuity due, other things held constant

100 in a bank account paying 6% will double faster if the bank pays interest annually rather than daily

If you were borrowing money at a nominal interest rate of 10% compounded daily, you would be better off if the bank used a 365-day year rather than a 360-day year