Final answer:
Frank's investment type is called an annuity, specifically a fixed annuity where he is making regular fixed contributions and will receive a specified amount of income in return.
Step-by-step explanation:
The investment type Frank is making by investing $1000 at the beginning of each calendar year is called an annuity.
An annuity is a financial product that is designed to provide regular income payments to the investor over a specified period of time. In this case, Frank is investing $1000 at the beginning of each year, which will accumulate over time and provide him with a steady income stream.
Annuities can be structured in different ways, but in Frank's case, it is a fixed annuity where he is making regular fixed contributions and will receive a specified amount of income in return.