Which one of the following is FALSE?

Group of answer choices

The future value of ordinary annuity is always smaller than the future value of annuity due.

A dollar today is worth more than a dollar tomorrow.

If interest rates are the same, more frequent compounding is unfavourable for investors but good for borrowers.

When compounding occurs more than once per year, EAR should be greater than APR.

Financial institutions and financial markets play a role of channelling money from surplus units to deficit units.