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Which of the following best describes an annuity? A lump sum is deposited into an account earning compound interest. Equal, regular deposits are made into

Which of the following best describes an annuity?
  • A lump sum is deposited into an account earning compound interest.
  • Equal, regular deposits are made into an account earning interest.
  • A lump sum is deposited into an account earning simple interest.
  • Deposits are made at random (whenever you have extra money) into an account earning interest.

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