Question #$35$ of $50$

John purchases an annuity with a lump sum when he is age $45.$ This is the only premium payment that John makes to his annuity. He will not begin receiving payments until he is age $65.$ Which of the following types of annuities did he purchase?

A$)$ Single$-$premium immediate

B$)$ Flexible$-$premium immediate

C$)$ Flexible$-$premium deferred

D$)$ Single$-$premium deferred