Navdeep deposited a certain amount into a GIC today and subsequently withdrew payments of $10,000 at the beginning of every quarter for five years. The first payment is to be received two years from now.

a. Assuming the annuity is an ordinary deferred annuity, identify the deferral period and the annuity period.

b. Assuming the annuity is a deferred annuity due, identify the deferral period and the annuity period.

AppendixLO1