The rent for an apartment was $6,600 per year in 2012. If the rent increased at a rate of 4% each year thereafter, use an expone
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Answer:
$2,226.96
Step-by-step explanation:
You are going to want to use the compound interest formula, which is shown below.
<em>P = initial balance </em>
<em>r = interest rate </em>
<em>n = number of times compounded annually </em>
<em>t = time </em>
<em />
First, change 10% into its decimal form:
10% -> -> 0.1
Now lets plug in the values into the equation:
The final amount after 15 years is $2,226.96