What type of annuity has frederique purchased, Finance Basics

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What type of annuity has frederique purchased

Problem

Frederique is 63 years old and has just purchased a $750,000 annuity through her insurance company. Her annuity features a fixed monthly payment payable for the remainder of her life however, payments will not begin until she reaches age 65. What type of annuity has Frederique purchased?

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Finance Basics: What type of annuity has frederique purchased

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Finance Basics: What type of annuity has frederique purchased

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