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How much would the safety net accumulate to in five years

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Hartfield Co. is considering a plan to save $3,500 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 4.00 percent annual rate, with interest compounded monthly. Hartfield Co. plans to deposit the first $3,500 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?

Reference no: EM131756472

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