The money will be set aside in a separate savings account

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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 percent interest compounded monthly. They deposit the first $1, 500 today. If the company bad wanted to deposit an equivalent lump sum today, how much would they have bad to deposit?

Reference no: EM131189322

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