A house is rented for $3600 per quarter, with each quarter’s rent payable in advance. If money is worth 8%, compounded quarterly, and the rent is deposited in an account, what is the future value of the rent for one year?
The future value of the rent for one year would be $14,890.40. This is calculated by taking the rent of $3600 per quarter and multiplying it by (1 + 0.08/4)^4, which equals 14,890.40.
