An annuity is a series of consecutive payments, each one increasing by a ﬁxed dollar amount over the payment amount of the prior year.

Name: An annuity is a series of consecutive payments, each one increasing by a ﬁxed dollar amount over the payment amount of the prior year.
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An annuity typically refers to a series of equal payments made at regular intervals, not payments that increase by a fixed amount each year. The described scenario is more akin to a graduated or increasing annuity.

An Annuity Is a Series of Consecutive Payments, Each One