Question
A student wishes to sublet his apartment for 6 months, while he is away on exchange. The cost is $400 a month; payable at the
A student wishes to sublet his apartment for 6 months, while he is away on exchange. The cost is $400 a month; payable at the beginning of each month. Suppose that the person subletting wants to make a lump-sum payment today rather than paying monthly. If the interest rate is 5% compounded monthly, how much should the payment be?
The payment should be of
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Finance
Authors: Angelico Groppelli, Ehsan Nikbakht
7th Edition
1438010362, 9781438010366
