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You are considering using Bill Pay to pay your rent, which is $1,200 a month due at the beginning of each month starting today.

You are considering using Bill Pay to pay your rent, which is $1,200 a month due at the beginning of each month starting today. You are going to put a lump sum of money in a savings account today that will cover your rent for a year. If you earn an APR of 3.6% on the account, how much do you have to deposit into the account?

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