A House Is Rented for $3,900 Per Quarter, with Each

question 62

Multiple Choice

A house is rented for $3,900 per quarter, with each quarter's rent payable in advance. If money is worth 5%, compounded quarterly, and the rent is deposited in an account, what is the future value of the rent for two years? Round your answer to the nearest cent. ​

• A)$21,416.88
• B)$148,966.10
• C)$68,141.70
• D)$44,109.26
• E)$32,599.66

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Definitions:

Predominant Purpose

The main intent or objective behind a contract or transaction, often used to interpret the nature of the agreement.

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Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise considered binding, not because of a formal contract, but because it was relied upon by another to their detriment.

Quasi-contract

A legal concept where a court imposes an obligation on a party to prevent unjust enrichment or unfair benefit at the expense of another, even if no actual contract exists.