Personal finance lesson, Suppose your parents decided to

Personal finance lesson

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Reference no: EM131848021

Suppose your parents decided to teach you a personal finance lesson. In the beginning of each month they started charging you $200 in rent. They then immediately invested your monthly rent into bonds that pay 3% APR, with interest compounded monthly. After 12 months of charging you rent, the bonds your parents bought matured, so they gave you all the money that accumulated in the investment account, including interest. How much money did your parents give you?

Reference no: EM131848021

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