Which one of the following statements concerning annuities iscorrect?

A.The present value of an annuity is equal to the cash flowamount divided by the discount rate.

B.An annuity due has payments that occur at the beginning ofeach time period.

C.The future value of an annuity decreases as the interest rateincreases.

D.If unspecified, you should assume an annuity is an annuitydue.

E.An annuity is an unending stream of equal payments occurringat equal intervals of time.