What type of annuity did K purchase when she used her inheritance for payments starting August 1?

When considering the type of annuity that K purchased, it is important to look into the details provided: specifically, that K used her inheritance for payments starting on August 1. This indicates that payments are expected to begin immediately as soon as the annuity is funded, which is characteristic of immediate annuities.

The choice of a Single Premium Immediate Joint with Survivor Annuity suggests that this product is designed for two lives; therefore, the payments will continue until both individuals have passed away. The phrase "Joint with Survivor" points toward a feature where, upon the death of one annuitant, the surviving annuitant continues to receive payments. This is ideal for couples or partners who want to ensure ongoing financial support for the surviving member.

K's decision to use her inheritance as the single premium payment indicates that she likely made a lump sum investment into this annuity product, which is consistent with a Single Premium structure. Given that it immediately starts payments and includes the joint features, this aligns perfectly with the chosen answer.