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Jenny bought a rental property for $900,000 and leased it for 3 years. Rents will be paid at the beginning of each month and the

Jenny bought a rental property for $900,000 and leased it for 3 years. Rents will be paid at

the beginning of each month and the residual value after 3 years will be $700,000. To earn

8% rate of return per year on this lease, how much rent/month should be charged?

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