I know the answer but im not sure how to do the problem. Karen owns...
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Finance
I know the answer but im not sure how to do the problem.
Karen owns a rental house in Ruston. Her policy requires the renter to make an initial deposit equal to the monthly payments which are $750. Whenever she receives her payments, she places the money into a savings account that has a 3.5% annual interest compounded monthly. Her renter gives the initial deposit on February 1, 2018. He pays on the first of the month every month for the next three years. How much will Karens savings be worth on February 1, 2021. Answer $29257.70
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