What type of annuity has cash flows of the same amount occurring at the end of each period for a specified number of periods?

The type of annuity that features cash flows of the same amount occurring at the end of each period for a specified number of periods is known as an ordinary annuity. This structure means that payments are made consistently at regular intervals, such as monthly or annually, and each payment is the same throughout the duration of the annuity.

In an ordinary annuity, the timing of payments is significant; since payments are received at the end of each period, it allows for the calculation of present value or future value based on this timing. This is a fundamental concept in finance because it influences the value of cash flows over time and the overall financial planning for individuals or entities.

The other types of annuities mentioned serve different purposes. A deferred annuity involves payments that begin at a future date rather than after the initial investment. A life annuity provides payments for the lifetime of the annuitant, which can vary based on the individual's lifespan. A variable annuity's payouts fluctuate based on investment performance, differing from the fixed cash flows of an ordinary annuity.