What is annum?

The term "annum" is a Latin word meaning "year." It is commonly used in various contexts to denote an annual or yearly period. Here are a few ways it might be used:

1. Finance and Economics: Annum is often used to describe interest rates or financial performance on a yearly basis. For example, if a bank offers a 5% interest rate per annum, it means the interest rate is 5% for the entire year.

2. Salary and Wages: In employment contexts, salaries are frequently expressed per annum, indicating the total amount earned in a year. For instance, a job might offer a compensation of $60,000 per annum.

3. Expenses and Budgets: Organizations and individuals might plan or report their expenses annually, using the term annum to specify yearly budgets or costs.

4. Environmental and Scientific Contexts: In scientific studies, especially those dealing with climate or natural resources, annum can be used to express yearly data or changes. For instance, a certain amount of rainfall per annum.

In legal or formal documents, "per annum" often appears in contracts, agreements, and financial reports to specify yearly calculations or obligations.