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(7.5) An annuity is a series of — of cash flows that occur at - each period for some number of periods. When the payments occ

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7.5). An annuity is a series of fixed cash flows that occur at Beginning or end of each period for some n number of periods. When the payment occur at the end of the time period, the annuity is referred to as an Ordinary annuity form. If payments are at the beginning of the time period, we call the annuity an Annuity due.

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