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Although Currently the Terms Division and Phylum for Plants May

question 34

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Although currently the terms division and phylum for plants may be used interchangeably, initially the International Code of Botanical Nomenclature (ICBN) required the use of division for plants, phylum for non-plants.


Definitions:

Compounded Monthly

This involves the recalculating of interest on a loan or investment by taking into account both the initial principal and the accumulated interest from previous periods, recalculated on a monthly basis.

Life Annuity

A financial product providing a series of payments at regular intervals for the remainder of the annuitant's life.

Term Annuity

An annuity that provides regular payments for a specific duration or term, as opposed to a lifetime.

Compounded Monthly

The process of adding interest to the principal balance of an investment or loan, resulting in the accumulation of interest each month.

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