Q
Which is NOT an essential element of an ordinary annuity ?
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A
A. The amounts of all payments are equal.
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B
B. The payments are made at equal interval of time.
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C
C. The first payment is made at the beginning of the first period.
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D
D. Compound interest is paid on all amounts in the annuity.
Correct Answer:
C. C. The first payment is made at the beginning of the first period.
