Posted by plz help on .
A house is rented for $2000 per quarter, with each quarter's rent payable in advance. If money is worth 2%, compounded quarterly, and the rent is deposited in an account, what is the future value of the rent for one year?
Assume 2% is per quarter (not per annum).
so R=1.02, n=4 quarters, and rent, P=$2000.