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Question
Suppose that a tenant is interested in renting out a two-bedroom apartment for $1000 a month for the next year. While the tenant requires rent to be paid at the beginning of the month, he will not be depositing the rental check into a local savings account until the end of each month. If the annual interest that the tenant can earn on this account is 5% and interest is compounded monthly, how much will the tenant have in his savings account at the end of the year?A.$12,278.86
B.$12,613.94
C.$13,330.02
D.$15,917.13
Answer
This answer is hidden. It contains 2 characters.
Related questions
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