Multiple Choice
The Distribution Point plans to save $2,000 a month for the next 3 years for future emergencies. The interest rate is 4.5 percent compounded monthly. The first monthly deposit will be made today. What would today's deposit amount have to be if the firm opted for one lump sum deposit that would yield the same amount of savings as the monthly deposits after 3 years?
A) $70,459.07
B) $67,485.97
C) $69,068.18
D) $69,333.33
E) $67,233.84
Correct Answer:
Verified
Correct Answer:
Verified
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