Don wants to know how much he needs to save every year to amass $15,000 in five years at a 5% interest rate. What is he calculating using his financial calculator?
A) Present value
B) Future value
C) Interest rate
D) Payment

Question

Quizplus · Accepted Answer

Don is calculating the annual savings amount (or payment) needed to reach a future value of $15,000 in five years at a 5% interest rate.

Don Wants to Know How Much He Needs to Save