Final answer:
The agent should suggest a variable annuity for a client who prioritizes greater growth over a shorter period. Variable annuities offer the potential for higher returns but also come with higher risk due to market fluctuations.
Step-by-step explanation:
If your prospect's focus is on a greater amount of growth over a shorter period, the type of annuity that the agent should suggest for the client is a variable annuity. A variable annuity is an investment product that allows individuals to invest in mutual funds and other investment options. The returns from the investments are not guaranteed and can fluctuate based on market performance.
Unlike fixed annuities, which offer a guaranteed rate of return, variable annuities provide the potential for higher returns but also come with a higher level of risk. The client's investment performance will directly impact the amount of growth they can achieve over a shorter period. It's essential for the client to understand the risks involved and have a high tolerance for market volatility before considering a variable annuity.