Question: In a deferred annuity, a two - step process can be used to calculate the present value of the annuity. The first step requires the

In a deferred annuity, a two

-

step process can be used to calculate the present value of the annuity. The first step requires the calculation of the present value of the annuity at the beginning of the annuity period. The second step involves discounting the amount calculated in step

1

Multiple choice question.

to its present value as of today

to its present value at maturity

to its future value at maturity

to its future value as of today

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