Which of the following statements is not $($or least$)$ correct?

For single or lump sum cash flows, present value interest factors and future value interest factors are reciprocal functions of each other.

The present value, as of Period $0,$ of an annuity with payments in Periods $1$ through $N$ can be found as the difference between a perpetuity with payments in Periods $1$ through infinity, and another perpetuity with payments in Periods $N+1$ through infinity. where both of the perpetuities are evaluated as of Period $0.$

Except under continuous compounding$/$discounting$,$ effective annual rates will always be greater than nominal$/$stated$/$quoted rates.

If risk and payments were the same for both, you would not be indifferent between a perpetuity starting in Year $6$ and a perpetuity starting in Year $11,$ even though they might appear to have the same value if you used the equation for the value of a perpetuity $\frac{D}{K}.$

Time value of money calculations allow us to convert values at one point in time to their equivalent values at another point in time.