An annuity is a financial institution that is designed to accept and grow funds from an individual and then, upon annuitization, pays out a stream of payments to the individual at a later point in time. Suppose, we want to make a payment of Tk.5000 each year for 10 years to an account that earns 6 percent interest, compounded annually, and we want to calculate the total amount which will be in the account after 10 payments. This series of periodic payments is called an annuity.
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