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Annuities
Businesses, financial institution, and other organizations invest in annuities to raise money to pay such expenses as bond debts, notes due, or stock dividends. They also invest in annuities to provide for future needs, such as new facilities and equipment or employee retirement benefits. Individuals may purchase annuities, such as an Individual Retirement Account (IRA), or an insurance policy, from insurance companies, financial institutions, or securities brokers.
An ordinary annuity is a series of regular payments where each payment is made at the end of the payment period. The payment period is the length of time between payments. Payments are usually made annually, semiannually, quarterly, or monthly. The term of the annuity is the length of time from the beginning of the first payment period to the end of the last payment period. The amount of the annuity is the sum of all payments plus their accumulated interest. Their amount is also called the cash value.
The amount of an annuity can be found by using the Amount of an Annuity table. The table lists the value of an annuity of \$1 compounded at various rates for various time periods. To find the amount of an ordinary annuity using the annuity table, multiply the payment by the appropriate table value. The interest earned can be found by subtracting the sum of the payments from the amount of the annuity.
For example:
Brian purchased an ordinary an...

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