Definition of annuity

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< annuitant

annul >

an·nu·i·ty    (-n-t, -ny-) KEY 

NOUN:
pl. an·nu·i·ties

1. 1. The annual payment of an allowance or income.
   2. The right to receive this payment or the obligation to make this payment.
2. A contract or agreement by which one receives fixed payments on an investment for a lifetime or for a specified number of years.

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ETYMOLOGY:
Middle English annuite, from Anglo-Norman, from Medieval Latin annuits, from Latin annuus, yearly, from annus, year; see at- in Indo-European roots