Annuity

When a person receives money at the end of every year for a certain number of years instead of receiving the money all at once in one lump sum, we call the payments an annuity.

John had a choice of receiving $10,000 now or $2,100 at the year for five years. If he chose the yearly payments, we would say he has an annuity

https://accounting.uworld.com/cpa-review/lc/accounting-dictionary/term/annuity/