Definition

1. Adverb: By the year; for each year. It is used to express a rate or amount that applies to a single year, often in financial, business, or statistical contexts.

Usage

The adverb "per annum" is used to specify that a figure is an annual rate or total. It is typically placed after the amount it modifies. * It is commonly used with sums of money (e.g., salary, interest, cost). * It can also be used for other countable quantities measured yearly (e.g., production volume, number of visitors).

Examples

• The interest on the savings account is calculated at a rate of 2% per annum.
• Her salary is listed as £45,000 per annum.
• The museum attracts over half a million visitors per annum.
• The fee for the service is $120 per annum.

Advanced Usage

• In formal or legal contexts: "Per annum" is often used in contracts, financial reports, and official documents to ensure clarity about the time period for a payment or rate.
  • The lease agreement stipulates a rent of $24,000, payable in monthly installments of $2,000 per annum.
• Contrast with other time periods: It explicitly distinguishes a yearly figure from monthly, quarterly, or daily rates.
  • The membership costs $50 per month, or $540 per annum if paid upfront.

Variants and Related Words

• Annual (adjective): Occurring or done once every year; covering a period of a year.
  • She submitted her annual report.
• Yearly (adverb/adjective): Happening or produced once a year; every year.
  • The conference is held yearly.
• p.a.: A common written abbreviation for "per annum," frequently seen in financial contexts.
  • An interest rate of 5% p.a.

Synonyms

• Annually
• Each year
• By the year
• Per year

Notes on Usage

"Per annum" is a formal term derived from Latin. In everyday spoken English, "a year," "each year," or "annually" are often used interchangeably. However, "per annum" remains standard in professional, financial, and legal language for precision.

Adverb

1. by the year; every year (usually with reference to a sum of money paid or received)
   • he earned $100,000 per annum
   • we issue six volumes per annum