Hi, I need some help as I have trouble in understanding the concept of Annuity on a pthly basis. Please can someone help with the text mentioned in the Module. Here it goes: Where annuity payments are made p times a year (eg p 12 for a monthly annuity), a superscript ( p) is added in the top right hand corner of the symbol. Note that the annuity is still payable for n years and still refers to a total annual amount of 1 unit ie the annuity consists of np payments, each of amount 1/ p units. If p and n are positive integers, the notation an (p) is used to denote the value at time 0 of a level annuity payable pthly in arrear at the rate of 1 per unit time over the time interval [0,n] . For this annuity the payments are made at times 1/p,2/p,3/p,....,n and the amount of each payment is 1/p . By definition, a series of p payments, each of amount i^(p)/p in arrears at pthly sub intervals over any unit time interval, has the same value as a single payment of amount i at the end of the interval. By proportion, p payments, each of amount 1/ p in arrears at pthly sub intervals over any unit time interval, have the same value as a single payment of amount i^i(p) at the end of the interval. I need to understand this from a numerical stand point so that it clarifies the concept without much ado. Kindly help. A short crisp explanation will do the work for me. Thanks in Advance.