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How much money would mary-beth need to have

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Problem 1: After one year living in a university residence, Mary-Beth decides to rent an apartment for the remaining 3 years of her degree. She has found a place that will cost $700 per month; rent for the first and last month must be paid up front. How much money would Mary-Beth need to have in her bank account right now to be sure she will always have enough for rent? Bank account pays 4.2% interest, compounded monthly.

Reference no: EM132733600

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