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This paper studies the optimization problem of minimizing resource rental cost for running elastic applications in cloud while meeting application service requirements. Such a problem arises when excessive generated data incurs significant monetary cost on transfer and inventory in cloud. The goal of planning is to make resource rental decisions in response to varying application progress in the most cost-effective way. To address this problem, we first develop a Deterministic Resource Rental Planning (DRRP) model, using a mixed integer linear program, to generate optimal rental decisions given fixed cost parameters. Next, we systematically analyze the predictability of the time-varying spot instance prices in Amazon EC2 and find that the best achievable prediction is insufficient to provide a close approximation to the actual prices. This fact motivates us to propose a Stochastic Resource Rental Planning (SRRP) model that explicitly considers the price uncertainty in rental decision making. Using empirical spot price data sets and realistic cost parameters, we conduct simulations over a wide range of experimental scenarios. Results show that DRRP achieves as much as 50% cost reduction compared to the no-planning scheme. Moreover, SRRP consistently outperforms its DRRP counterpart in terms of cost saving, which demonstrates that SRRP is highly adaptive to the unpredictable nature of spot price in cloud resource market.