What is meant by the term 'annuity'?
A) A series of payments or receipts of equal amounts
B) Bonds that pay a variable rate of interest
C) The annual total of a number of payments
D) Payments to a pension fund

Question

Quizplus · Accepted Answer

An annuity refers to a series of equal payments or receipts made at consistent intervals, such as on a monthly or annual basis. It is often used for retirement income, where an individual receives a regular amount of money from a pension fund or annuity plan.

What Is Meant by the Term 'Annuity