Question: After living in a university residence for one year Mary Beth
After living in a university residence for one year, Mary-Beth decides to rent an apartment for the remaining three years of her degree. She has found a nice location that will cost $450 per month. Rent for the first and last month must be paid up front. How much money would Mary-Beth need to have in her bank account right now to be sure she will always have enough for rent? The bank account pays 3.75 percent interest, compounded monthly.
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