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Suppose that a tenant is interested in renting out a two-bedroom apartment for $1000 a month for the next year.While the tenant requires rent to be paid at the beginning of the month,he will not be depositing the rental check into a local savings account until the end of each month.If the annual interest that the tenant can earn on this account is 5% and interest is compounded monthly,how much will the tenant have in his savings account at the end of the year?
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