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Rent for the first and last month must be paid up front

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After living in a university residence for one year, Maggie decides to rent an apartment for the remaining three years of her degree. She has found a nice location that will cost $545 per month. Rent for the first and last month must be paid up front.

How much money would Maggie need to have in her bank account right now to be sure she will always have enough for rent? The bank account pays 6.9 percent interest, compounded monthly. (Round answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.)

Reference no: EM132407031

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