The Ajax Co

question 119

Multiple Choice

The Ajax Co. just decided to save $1,500 a month for the next five years as a safety net for recessionary periods. The money will be set aside in a separate savings account which pays 3.25%
Interest compounded monthly. They deposit the first $1,500 today. If the company had wanted to
Deposit an equivalent lump sum today, how much would they have had to deposit?

• A) $82,964.59
• B) $83,189.29
• C) $83,428.87
• D) $83,687.23
• E) $84,998.01

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The supreme law of the United States, established in 1787, outlining the national frame of government and fundamental principles and rights of citizens.

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