Question: The Ajax Co. just decided to save 1,500 dollar a month for the next 5 years as a safety net for recessionary periods. The money will be set aside in a divide savings account which pays 3.25 percent interest compounded monthly. It deposits the first 1,500 dollar today. If the company had wanted to deposit an equivalent lump sum today, determine how much would it have had to deposit?
[A] $83,428.87
[B] $83,687.23
[C] $84,998.01
[D] $82,964.59
[E] $40,660.35