If a person deposited $50 a month for 6 years earning 8 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

The question involves a series of deposits made monthly, earning interest over a period of time. Therefore, the correct computation is the future value of a series of deposits.

If a Person Deposited $50 a Month for 6 Years