Jim and Judy are in their early sixties. They want to secure a guaranteed income stream that will last as long as either one is alive. Their representative explains that their need can be met if they choose:
I. An immediate annuity with a 50 year period certain, since it will last until they are just over 110 years old
II. A joint-life fixed immediate annuity with a period certain
III. A joint-life fixed immediate annuity
IV. A single life annuity with a 20 year period certain
A. I only
B. IV only
C. II and III
D. III and IV