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Betty Purchased an Annuity for $24,000 in 2012

question 107

Multiple Choice

Betty purchased an annuity for $24,000 in 2012.Under the contract, Betty will receive $300 each month for the rest of her life.According to the actuarial estimates, Betty will live to receive 96 payments and will receive a 3% return on her original investment.


Definitions:

Principals

The main parties involved in a business transaction or agreement, usually responsible for entering into a contract.

Agent

An individual or entity authorized to act on behalf of another (the principal) in transactions or other matters.

Duty Of Obedience

The requirement for directors and officers of an organization to act in accordance with its goals and directives.

Clearly Stated

Expressed in a manner that leaves no doubt about the meaning or intentions.

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