The Design Team Just Decided to Save $1,500 a Month

question 90

Multiple Choice

The Design Team just decided to save $1,500 a month for the next 5 years as a safety net for recessionary periods.The money will be set aside in a separate savings account which pays 4.5 percent interest compounded monthly.The first deposit will be made today.What would today's deposit amount have to be if the firm opted for one lump sum deposit today that would yield the same amount of savings as the monthly deposits after 5 years?

• A)$80,459.07
• B)$80,760.79
• C)$81,068.18
• D)$81,333.33
• E)$81,548.20

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Definitions:

Political Views

The opinions or beliefs of an individual regarding politics, including policies, ideologies, and the governance of a society.

Interaction

The process by which various factors or entities act upon or with each other to produce a response or change.

Gene Replication

The process by which a cell duplicates its DNA, allowing for genetic information to be passed from one generation to the next.

Molecular Mechanisms

The specific interactions and processes occurring at a molecular level that result in biological functions and behaviors.