You are a landlord and have decided for your tenants to contribute $1,000 a month towards rent payable on the first day of each month.

5.You are a landlord and have decided for your tenants to contribute $1,000 a month towards rent payable on the first day of each month. If you deposit each rental payment into an interest bearing account that pays an annual rate of 7 percent, but is compounded monthly, how much will be in the account at the end of 12 months?