Which is NOT an essential element of an ordinary annuity? Select the correct response: The payments are made at equal interval of time. The amounts of all payments are equal. The first payment is made...

Which is NOT an essential element of an ordinary annuity?

Select the correct response:

The payments are made at equal interval of time.

The amounts of all payments are equal.

The first payment is made at the beginning of the first period.

Compound interest is paid on all amounts in the annuity.