If you are saving the same amount each month in order to buy a new sports...
If you are saving the same amount each month in order to buy a new sports car when the new models are released, which of the following will help you determine the savings needed?
A.Future value of one dollar
B.Present value of one dollar
C.Present value of an ordinary annuity
D.Future value of an ordinary annuity
Homework Answers
Since the car is going to be purchased on release of the model, it is to be purchased in Future. Also, savings is to be made regularly on each month as series of payments over the period, it is called as annuity model.
So Future value of ordinary annuity is to be used for determination of savings needed.
Answer is Option D)
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