Lantagne Clinic uses client-visits as its measure of activity.During May,the clinic budgeted for 3,800 client-visits,but its actual level of activity was 3,820 client-visits.The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for May: Data used in budgeting: 
Actual results for May: 
The net operating income in the planning budget for May would be closest to:
Definitions:
Compounded Quarterly
When an investment's interest is compounded quarterly, the interest is calculated and added to the principal four times a year.
Perpetuity
A financial instrument that provides a stream of infinite cash flows or payments.
Compounded Monthly
Interest calculated on the initial principal and also on the accumulated interest of previous periods, done monthly.
RRSP
Registered Retirement Savings Plan, a tax-deferred savings account in Canada that allows individuals to save for retirement while potentially reducing their taxable income.
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