An annuity provides:

Select one:

a$.$

different payments every period, and no final lump sum payment at the end of its life.

b$.$

the same payment every period, and a final lump sum payment at the end of its life.

c$.$

the same payment every period, and no final lump sum payment at the end of its life.

d$.$

different payments every period, and a final lump sum payment at the end of its life.