An annuity refers to a pension to retired people or a relatively low-risk investment product, providing periodic fixed payments during the intervals of certain years in life.
2. Annuity - due:
An annuity-due is an annuity whose payments are made at the beginning of each period.
3. Annuity - immediate:
An annuity-immediate is an annuity whose payments are made at the end of the time periods, so that interest is accumulated before the payment.
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