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Sylvia purchased an annuity for $100,000 from the proceeds of an inheritance. No further payments are permitted and the income stream begins in 15 years. This contract is a(n)

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The type of annuity contract purchased by Sylvia is known as Deferred annuity.

Basically, an annuity is a contract which promises to pay someone a guaranteed stream of income for a specific and regular period in return for a lump sum of money.

  • The type of contract of annuity purchased by Sylvia is known as Deferred annuity.

  • Deferred annuity refers to an annuity whereby the company promises to pay the owner a regular income in return for the lump sum starting at some future date.

Hence, the type of annuity contract is known as Deferred annuity.

Read more about Deferred annuity:

brainly.com/question/1870035

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