"Per annum" is a Latin term that means "per year." It is often used in financial and economic contexts to describe an annual rate, such as interest rates, salaries, or other yearly calculations. For example, if someone earns a salary of $50,000 per annum, it means they earn that amount each year. Similarly, if a loan has an interest rate of 5% per annum, it means that 5% interest will be charged on the principal amount each year.
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