How much must he set aside in martins savings account

Reference no: EM131912783

Problem

Martin pays rent of $500 per month for 9-month academic year. He is going for a world tour this summer and is not working. How much must he set aside in his savings account for the 3-month summer to cover his rent for next year? The savings account earns 3% with monthly compounding.

Reference no: EM131912783

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