Question: *Sprinkler Co. is considering a plan to save $4,500 a month for the next five years to build a safety net for recessionary periods. The

*Sprinkler Co. is considering a plan to save $4,500 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 4.35 percent annual rate, with interest compounded monthly. Sprinkler plans to deposit the first $4,500 today.* How much would the safety net accumulate to in five years? If the company wants to deposit an equivalent lump sum today, how much would it have to deposit? Please show work I would like to know the formulas used.

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