Which of the following statements is NOT correct?

Select one:

a.

A 15-year mortgage will have a lower monthly payment that an otherwise similar 30-year mortgage

b.

An ordinary annuity will have a higher present value that a similar annuity due

c.

If an investment earns 10% interest compounded annually, its effective rate will be greater than 10%

d.

A bond with an annual coupon will have a higher value than a similar bond with a semi-annual coupon

e.

All of the above are false