Which of the following is NOT CORRECT? a. The present value of a 5-year, $100 annuity due will exceed the present value of a 5-year, $100 ordinary annuity. b. If a loan has a nominal rate of 10%, then the effective rate can never be less than 10%. c. If there is annual compounding, then the effective, periodic, and nominal rates of interest are all the same. d. An investment that compounds interest semiannually, and has a nominal rate of 10%, will have an effective rate less than 10%. e. The proportion of the payment of a fully amortized loan that goes toward interest declines over time.
