You have been asked to compute the amount of a fund that will be available at the end of three years as a result of a single sum of $1,000 that is deposited.What is the interest concept that best describes this application?
A)Present value of a single amount.
B)Present value of an annuity.
C)Future value of a single amount.
D)Future value of annuity.

Question

Quizplus · Accepted Answer

The application involves calculating the growth of a single sum of money over a period of time. This is best described as computing the future value of a single amount.

You Have Been Asked to Compute the Amount of a Fund