Agnes, age 62, purchased an immediate annuity. The annuity will provide monthly payments to Agnes for as long as she lives. If Agnes dies before receiving payments for 10 years, the balance of these payments will go to a beneficiary. Agnes purchased a(n)
(a) life annuity (no refund)
(b) life annuity with guaranteed payments
(c) installment refund annuity
(d) joint-and-survivor annuity
Answer: (b) life annuity with guaranteed payments
Business
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