Suppose That a Tenant Is Interested in Renting Out a Two-Bedroom

Multiple Choice

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?

A) $12,278.86
B) $12,613.94
C) $13,330.02
D) $15,917.13