Answer to Question #98031 in Finance for Amanda

Answer to Question #98031 in Finance for Amanda

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Question #98031

After living in a university residence for one year, Amanda decides to rent an apartment for the remaining three years of her degree. She has found a nice location that will cost $541 per month. Rent for the first and last month must be paid up front.

How much money would Amanda need to have in her bank account right now to be sure she will always have enough for rent? The bank account pays 9.3 percent interest, compounded monthly.

Expert’s answer

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