You are comparing two annuities. Annuity A pays $700 at the end of each month for 20 years. Annuity B pays $700 at the beginning of each month for 20 years. The rate of return on both annuities is 6 percent. Which one of the following statements is correct given his information? Explain your answer.

A. The future value of Annuity A is greater than the future value of Annuity B.

B. Annuity A has a higher future value but a lower present value than Annuity B.

C. The present value of Annuity A is equal to the present value of Annuity B.

D. Annuity B has both a higher present value and a higher future value than Annuity A.

E. Annuity B will pay one more payment than Annuity A will.