Identifying Future Value of Annuities

Determine whether or not the given situation describes the future value of an

annuity.

$3$

$1$ point

For the past $20$ years, Steve has put $$100$ in a special savings account at the

beginning of each month. He now has $$31,575\mathrm{.}16$ in that account. That amount is

the future value of his savings payments.

True

False