Suppose that a landlord is interested in renting out a two-bedroom apartment for $2,400 a month for the next year. The landlord requires rent to be paid at the beginning of the month, at which point he will deposit the rental check into a local savings account. If the annual interest that the tenant can earn on this account is 4.8% and interest is compounded monthly, how much will the tenant have in his savings account at the end of the year?

Using Excel