| Advanced Math |
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| Question : |
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What is 'Annuity' ? |
Answer : |
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Annuity is the sum of money payable in a series of payment at regular intervals, under an annuity contract setting forth
the amount of the annuity, its cost and the conditions under which it is to be paid. This contract is also known as the Annuity
Policy when the annuity is a temporary one. |
The basic symbol for the present value of an annuity is  . |
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Annuities are classified according to the nature of the payment and the duration of time for payment.
They are: Fixed Annuity, Variable Annuity, Straight Annuity, Deferred Annuity, Refund Annuity,
Joint Annuity etc.. |
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