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__________________ means earning interest on interest, so wecall the result _________________.__________________ refers to the amount of money aninvestment will grow to over some period of time at some giveninterest rate. The future value (FV_t) of an initialdeposit (PV) which earns interest at the rate r for t years isgiven by the following formula: FV_t = =--------------------------- .The expression---------------------------- is sometimes called the future valueinterest factor for $1 invested at r percent for t periods and canbe abbreviated as ----------------. A present value is the amountwhich must be invested today, at a specified---------------------------, to grow the initial investment to aspecified -----------------------, at a specified-------------------------------.The PV is depended on threevalues: the ------------------------, the amount of the--------------------------, and the ----------------------------.The rate used in the calculation of a present value is called------------------------.The basic PV equation as follows: PV=---------------------. Or, we can rearrange the basic PVequation so the PV is determined by multiplying the future value(FV) times the ------------------------ of the FV interest factor:PV = -----------------------. The term[1/(1+r)^t] is called the present valueinterest factor and is abbreviated-------------------------------. The PVIF is also called the-------------------------------, and calculating the present valueof a future cash flow to determine its worth today is commonlycalled ----------------------valuation.A FV withmultiple cash flows can be computed by finding the------------------------of each deposit and then summing theseparate --------------------------. A PV with multiple cash flowscan be calculated by separately computing the-------------------------of each cash flow and then summingthe separate ---------------------. An annuity is a series of-------------------------cash flows that occur at-------------------------of each period for some______________ number of periods. When the payments occur at theend of the time period, the annuity is referred to as an--------------------annuity form. If payments are at thebeginning of the time period, we call the annuity an--------------------------.