Which one of the following is FALSE?

Select one:

a. If interest rates are the same, more frequent compounding is favourable for investors but not good for borrowers.

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

c. A dollar today is worth more than a dollar tomorrow.

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

e. When compounding occurs once per year, EAR should be equal to APR.