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You are a landlord and have decided that your tenants need to contribute $ 8 0 0 a month towards rent payable on the first

You are a landlord and have decided that your tenants need to contribute $

800

a month

towards rent payable on the first day of each month. If you deposit each rental payment

into an interest

-

bearing account that pays an annual rate of

6 %,

but it is compounded

monthly, how much will be in the account at the end of

12

months?

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