George Jones is planning on a cruise for his 70^th birthday party. He wants to know how much he should set aside at the end of each month at 6% interest to accumulate the sum of $4,800 in five years. He should use a calculation involving the:

Multiple Choice

• future value of a single amount.
• present value of an ordinary annuity.
• future value of an ordinary annuity.
• present value of a single amount.