Problem
Martin pays rent of $500 per month for the 9-month academic year. He is going to travel the world this summer and won't be 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.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.