# A person deposits $1000 at the end of each year into an annuity earning 5% interest compounded

## Question:

Annuity

An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...

Fantastic news! We've located the answer you've been seeking!

## Step by Step Answer:

**Related Book For**

## Finite Mathematics and Its Applications

**ISBN:** 978-0134768632

12th edition

**Authors:** Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair