Which statement best describes annuities?
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The cash flows for an ordinary (or deferred) annuity all occur at the beginning of the periods.
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If a series ofequalcash flows occurs atunequalintervals, then the series is by definition an annuity.
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The cash flows for an annuity must allbe equal, and they mustoccur atfixed intervals, such as once a year or once a quarter.
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Part of thecash flows for an annuityduecanoccur atthe end of each period.