Which of the following statements is NOT CORRECT, assuming positive interest rates?

A 5-year $100 annuity due will have a higher present value than similar ordinary annuity

or

A 15-year, $100,000 mortgage will have larger monthly payments than an otherwise similar 30-year mortgage

or

If an investment pays 10% interest compounded annually, its effective rate will also be 10%.

or

Securities A and B offer the same nominal rate of interest, but A pays interest quarterly and B pays semiannually. Investment B will have the higher present value.

or

An investment's nominal interest rate will always be equal to or greater than its effective annual rate.