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Boston Labs just decided to save $50,000 a month for the next six years as a safety net for recessionary periods. The money will be
Boston Labs just decided to save $50,000 a month for the next six years as a safety net for recessionary periods. The money will be set aside in a separate savings account which pays 3.50% interest compounded monthly. It deposits the first $50,000 today. If the company had wanted to deposit an equivalent lump sum today, how much would it have had to deposit? (Note that this is annuity due) $2,915,329.63$3,069,288.93$3,150,884.45$3,252,337.65$3,341,062.18
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