If a person deposited $75 a month for 5 years earning 7 percent,this would involve what type of computation?
A)Simple interest
B)Future value of a single amount
C)Future value of a series of deposits
D)Present value of a single amount
E)Present value of a series of deposits

Question

Quizplus · Accepted Answer

Depositing a fixed amount regularly over time and earning interest on it involves calculating the future value of a series of deposits. This takes into account the compound interest earned over the period on the series of deposits.

If a Person Deposited $75 a Month for 5 Years