**Learning Competencies:**

At the end of this lesson, the learner should be able to:

- illustrate simple and general annuities;
- distinguish between simple and general annuities;
- find the future value and present value of both simple annuities and general annuities;
- calculate the fair market value of a cash flow stream that includes an annuity; and
- calculate the present value and period of deferral of a deferred annuity.