Multiple Choice
Jake Jones wants to deposit $100 per month into an account earning 5 percent for the next 4 years,so he can purchase a used car at that time.What type of computation would he use to determine the amount he will have for his purchase?
A) Present value of a single amount
B) Future value of a single amount
C) Simple interest
D) Present value of an annuity
E) Future value of an annuity
Correct Answer:
Verified
Correct Answer:
Verified
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