Calculate the sum that ellen would have to pay now

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Ellen Saber is contemplating paying several years' rent on her business office in advance. By paying in advance, she can avoid a rent increase that goes into effect the first of next year. Ellen's rent payment is $4,800 per year. Calculate the sum that Ellen would have to pay now in order to prepay five years of rent. The interest rate is 7%.

Reference no: EM132419841

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