Which of the following statements is NOT correct?

a The present value of an annuity due will exceed the present value of an ordinary annuity (assuming all else equal). b The future value of an annuity due will exceed the future value of an an ordinary annuity (assuming all else equal). c One of the potential benefits of investing early for retirement is that an investor can receive greater benefits from the compounding of interest. d The nominal rate will always be greater than or equal to the effective annual rate.