Which is the best definition of a growing annuity?
A) The interest rate charged per period multiplied by the number of periods per year.
B) A finite number of growing annual cash flows.
C) A constant stream of cash flows without end that is expected to rise indefinitely.
D) An annuity in which the cash flows continue forever.
E) A level stream of cash flows for a fixed period of time.
Correct Answer:
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