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Definition:

A bill of exchange representing a draft on a bank from deposited funds that pays a certain sum of money to a certain person or party.

Investing Essentials


Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Fixed annuities

Contracts in which an insurance company or issuing financial institution pays a fixed dollar amount of money per period.

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