Dell is considering a plan to save $2,500 a month for the next five years

| April 14, 2018

Dell is considering a plan to save $2,500 a month for the next five years to build a safety net for recessionary periods. The money will be set aside in a savings account that pays 4.24 percent annual rate, with interest compounded monthly. Dell plans to deposit the first $2,500 today.How much would the safety net accumulate in five years?If the company wants to deposit an equivalent lump sum today, how much would it have to deposit?

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