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March 26, 2017

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Classify the finacial problem. Assume a 7% interest rate compounded annually. Find the value of a $ 1,000 certificate in 4 years. a) sinking fund, b) ordinary annuity, c) future value, d) present value e) amortization

  • math - ,

    I have seen this posted a few times and no one has answered it. I know it is not amortization because that deals with reducing an amount of money like a mortgage. It is not present value because we are looking for an amount of money in the future.

    It could be future value, but I am not sure because you aren't making monthly payments. It actually might be an ordinary annuity.

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