If you put $1,000 in a saving account and make no further deposits, what type of calculation would provide you with the value of the account in 20 years?
A) Future value of a single amount
B) Simple interest
C) Present value of a single amount
D) Present value of a series of deposits
E) Future value of a series of deposits

Question

Quizplus · Accepted Answer

The calculation that provides the value of the account in 20 years when no further deposits are made is the future value of a single amount. This calculates the value of an investment at a future point in time, taking into account compounding interest.

If You Put $1,000 in a Saving Account and Make