Three parents are discussing the allowances that they give to their 10-year-old sons. Although each child receives a total of $520 per year, the manner in which the payments are made differs:
Jack gives his son $10 per week. Bill gives his son $400 on January 1 and the remaining $120 on December 31. Brian gives his son half ($260) on January 1 and the other half on July 1. The parent(s) whose payment system can be described as an annuity is (are): 1) only Jack. 2) both Jack and Brian. 3) all three, because all provide the same annual amount.
