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James has an annuity contract. He purchased his annuity on the 1 st of August, and he opted for monthly life-income payments of $1,000. James

James has an annuity contract. He purchased his annuity on the 1^st of August, and he opted for monthly life-income payments of $1,000. James started receiving his payments on the 1^st of November of the same year.

Which type of annuity does James have?

Select one:

a. Immediate variable annuity

b. Immediate fixed annuity

c. Deferred fixed annuity

d. Deferred variable annuity

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