If a person deposited $100 a month for 5 years earning 9 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

This problem involves calculating the future value of a series of deposits, since the person is depositing $100 each month for 5 years and earning interest on those deposits.

If a Person Deposited $100 a Month for 5 Years