Lutts Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During November, the kennel budgeted for 3,800 tenant-days, but its actual level of activity was 3,850 tenant-days. The kennel has provided the following data concerning the formulas to be used in its budgeting: 
-The administrative expenses in the planning budget for November would be closest to:
Definitions:
Present Discounted Value
The value of a stream of future payments discounted at an interest rate.
Expected Profits
Anticipated earnings calculated based on projected revenues, costs, and market conditions.
Interest Rate
The percentage of an amount of money charged for its use over a specified period, often annually, by lenders to borrowers.
Shareholder
An individual or entity that owns one or more shares of stock in a publicly-traded company, making them partial owners.
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