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After living in a university residence for one year, Alysha decides to rent an apartment for the remaining three years of her degree. She has found a nice location that will cost $860 per month. Rent for the first and last month must be paid up front. How much money would Alysha need to have in her bank account right now to be sure she will always have enough for rent? The bank account pays 4.5 percent interest, compounded monthly. (Round answer to 2 decimal places. e.g. 125.12. Do not round your intermediate calculations.)

After living in a university residence for one year, Alysha decides to rent an apartment for the remaining three years of her degree. She has found a nice location that will cost $860 per month. Rent for the first and last month must be paid up front. How much money would Alysha need to have in her bank account right now to be sure she will always have enough for rent? The bank account pays 4.5 percent interest, compounded monthly. (Round answer to 2 decimal places. e.g. 125.12. Do not round your intermediate calculations.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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After living in a university residence for one year, Alysha decides to rent an apartment for the remaining three years of her degree. She has found a nice location that will cost $860 per month. Rent for the first and last month must be paid up front. How much money would Alysha need to have in her bank account right now to be sure she will always have enough for rent? The bank account pays 4.5 percent interest, compounded monthly. (Round answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.) Amount Alysha would need to have right now LA
Transcribed Image Text:After living in a university residence for one year, Alysha decides to rent an apartment for the remaining three years of her degree. She has found a nice location that will cost $860 per month. Rent for the first and last month must be paid up front. How much money would Alysha need to have in her bank account right now to be sure she will always have enough for rent? The bank account pays 4.5 percent interest, compounded monthly. (Round answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.) Amount Alysha would need to have right now LA
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