You have the opportunity to invest in several annuities. Which of the following 10-year annuities has the greatest present value (PV)? Assume that all annuities earn the same positive interest rate.

1. An annuity that pays $500 at the beginning of every six months
2. An annuity that pays $500 at the end of every sot months
3. An annuity that pays $1,000 at the end of each year
4. An annuity that pays $1,000 at the beginning of each year