Which of the following is an example of an annuity?

An investment in a certificate of deposit $($CD$)$

A lump$-$sum payment made to a life insurance company that promises to make a series of equal payments later for some period of time

Katie had a high monthly food bill before she decided to cook at home every day in order to reduce her expenses. She starts to save $$1,060$ every year and plans to renovate her kitchen. She deposits the money in her savings account at the end of each year and eams $14\%$ annual interest. Katie's savings are an example of an annuity. If Katie decides to renovate her kitchen, how much would she have in her savings account at the end of seven years?

$$11,374\mathrm{.}32$

$$12,966\mathrm{.}73$

$$9,668\mathrm{.}17$

$$4,545\mathrm{.}60$

If Katie deposits the money at the beginning of every year and everything else remains the same, she will save years. by the end of seven