Question: Problem 8 (5 points): The Design Team just decided to save $1,500 a month for the next 5 years as a safety net for recessionary

Problem 8 (5 points): The Design Team just decided to save $1,500 a month for the next 5 years as a safety net for recessionary periods. The mone will be set aside in a separate savings account which pays 4.5 percent interest compounded monthly. The first deposit will be made today. What would today's deposit amount have to be if the form opted for one lump sum deposit today that would yleld the same amount of savings as the monthly deposits after 5 years

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