Sinclair Corporation wants to know how much it should deposit each month in order to have $1,000,000 in five years.What type of problem is this?
A)present value of an annuity
B)present value of an amount
C)future value of an amount
D)future value of an annuity

Question

Quizplus · Accepted Answer

This is a future value of an annuity problem, as Sinclair Corporation wants to know how much to deposit each month in order to reach a specific future value ($1,000,000) after a certain amount of time (five years).

Sinclair Corporation Wants to Know How Much It Should Deposit