ANNUITY Function

The ANNUITY function (annuity immediate) returns a numeric value representing the amount of each payment in a series of equal periodic payments whose total value is 1.0, where argument-1 is the interest rate per period, argument-2 is the number of periods (usually 12), and each payment is applied at the end of its period. The type of this function is numeric.

a numeric value that approximates the ratio of an annuity paid at the end of each period for the number of periods specified by argument-1 and is applied at the end of the period before the payment. The type of this function is numeric.

Usage

FUNCTION ANNUITY (argument-1 argument-2)

Parameters

`argument-1`	Must be class numeric. The value of `argument-1` must be greater than or equal to zero.
`argument-2`	Must be a positive integer.

Returned Values

When the value of argument-1 is zero, the value of the function is the approximation of:

1 / argument-2

When the value of argument-1 is not zero, the value of the function is the approximation of:

argument-1 / (1 - (1 + argument-1) ** (- argument-2))

Note: This function will produce results accurate to only about 17 digits, even when argument-1 contains more than 18 digits (for example, if you have compiled your program for 31-digit support.)