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You lease an apartment and pay a monthly rent of $500 that increases by 3% every January 1st. You plan to lease the apartment for

You lease an apartment and pay a monthly rent of $500 that increases by 3% every January 1st. You plan to lease the apartment for the long term. Today is your 23rd birthday. As part of your long-term financial planning, you need to calculate what your monthly rent will be when you retire at the age of 65.
Monthly Rent at Retirement

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