The Ajax Co

question 38

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. It deposits the first $1,500 today. If the company had wanted to deposit an equivalent lump sum today,how much would it 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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