Find the sum of the geometric series 1−0.99+0.99^2−0.99 ^3 +...−0.99
2 answers:
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Answer:
The percent increase per year is 4%
Step-by-step explanation:
we have
This is a exponential function of the form
where
y represent the monthly rent at Lake View Apartments
x represent the number of years
a is the initial value (y-intercept)
b is the base
r is the rate or percent increase
The percent increase per year is the base of the exponential function decreased by 1.
so
In this problem we have
---> initial value
Therefore
The percent increase per year is 4%