Two years ago, 62-year-old Felicity purchased an annuity that credited an interest rate of 4.5 percent to the contract's values. Today, Felicity received a notice from the issuing insurer that the interest rate that will be paid on the contract for the next 12 months will be 3.5 percent. Underlying the contract for as long as it is held is a minimum guaranteed rate of 2 percent.

What kind of annuity does Felicity own?