You are comparing two investments, both of which provide annuity payments in exchange for a lump sum investment today. Each annuity has the same monthly payment for the same number of years. You require the same rate of return for each of these investments. Annuity A pays at the beginning of each month and annuity B pays at the end of each month. Given this information, which one of the following statements is correct? 
 A. Both annuities have the same equal future value. 
 B. Annuity B is worth more today because of the timing of its cash flows. 
 C. Annuity A is worth more today because you will receive one more payment whereas Annuity B receives one less payment. 
 D. Annuity A has a higher present value and a lower future value than annuity B. 
 E. Annuity A has a higher future value than annuity B.