16-34 as of 2009,the Combined Value of Payments Sent Over

question 67

True/False

16-34 As of 2009,the combined value of payments sent over Fedwire and CHIPS often exceeded $4.5 trillion a day.

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Definitions:

Annuities Due

Annuities Due refer to a series of equal payments made at the beginning of consecutive periods over a fixed length of time, often used in finance to represent contracts that require such payments.

Ordinary Annuities

Ordinary annuities are a series of equal payments made at the end of consecutive periods over a fixed length of time.

Perpetuity

A financial term referring to a security or form of investment that pays an infinite series of cash flows with no end date.

Endowment Fund

A financial asset, in the form of donations, made to non-profit organizations that uses the generated income for a specific purpose.