All of the following are correct regarding an annuity, EXCEPT:

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All of the following are correct regarding an annuity, EXCEPT:

A

An immediate annuity must start providing income within 3 years of the first premium payment

B

An annuity can be immediate or deferred

C

The accumulation in an annuity grows tax-deferred

D

An annuity can be paid with a single premium or periodic premium

Answer: A

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