ANNUITY Definition

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ANNUITY, in finance, is a series of fixed payments, usually over a fixed number of years; or for the lifetime of a person, in which case it would be called a life-contingent annuity or simply life annuity.

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EXIT STRATEGY codifies and gives a business owner or investor a way to reduce or liquidate his/her stake in a business and, if the business is successful, make a substantial profit.

CLOSED-END FUND is a mutual fund that sells only a fixed number of shares, which subsequently trade on exchanges like stock.

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