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You have to pay $ 1,000 rent at the beginning of each month for 1 year, after which youll be going abroad. You want your

You have to pay $ 1,000 rent at the beginning of each month for 1 year, after which youll be going

abroad. You want your parents to put in the bank an amount that will cover your rent for the year. The bank

pays 6% return compounded monthly. How much money needs to be deposited in the bank?

Please provide an explanation.

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