Which of the following statements is true?

1. All else equal, the present value of an ordinary annuity is greater than that of an annuity due.
2. All else equal, the future value of an ordinary annuity is greater than that of an annuity due.
3. All else equal, the present value of an ordinary annuity is lower than that of an annuity due.
4. All else equal, the future value of an ordinary annuity is lower than that of an annuity due.

Answer Combo: (choose 1)

I and II only

II and III only

III and IV only

I and IV only