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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?

Please show work.

a. $82,964.59

b. $83,189.29

c. $83,428.87

d. $83,687.23

e. $84,998.01

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Financial Management, Finance

Category:- Financial Management
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