Question: A firm plans to save $ 2 , 0 0 0 a month for the next 3 years for future emergencies. The interest rate is

A firm plans to save $2,000 a month for the next 3 years for future emergencies. The interest rate is 4.5 percent per year, compounded monthly. The first monthly deposit will be made today. What is the equivalent one-time lump sum deposit today?
Multiple Choice
$69,333.33
$67,485.97
$70,459.07
$69,068.18
$67,233.84

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