If a Person Deposited $75 a Month for 5 Years

question 78

Multiple Choice

If a person deposited $75 a month for 5 years earning 7 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

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Definitions:

Pay Equity Legislation

Laws designed to eliminate discrimination in compensation and ensure equal pay for work of equal value, regardless of gender, race, or other non-merit factors.

Statutory Law

Written laws enacted by a legislative body, providing formal and specific directions or prohibitions.

Employment Contract

A formal agreement between an employer and an employee outlining the terms and conditions of employment.

Legally Change

Refers to the formal process of altering something in accordance with legal procedures, such as changing one's name or modifying a law.