You are comparing two annuities which offer monthly payments for ten years. Both annuities are identical with the exception of the payment dates. Annuity A pays on the first of each month while annuity B pays on the last day of each month. Which one of the following statements is correct concerning these two annuities?

a)

Both annuities are of equal value today.

b)

Annuity B is an annuity due.

c)

Annuity A has a higher future value than annuity B.

d)

Annuity B has a higher present value than annuity A.

e)

Both annuities have the same future value as of ten years from today.