You rent an apartment that costs $1100 per month during the first year, but the rent is set to go up 9.5% per year. What would b
e the rent of the apartment during the 8th year of living in the apartment? Round to the nearest tenth (if necessary).
1 answer:
Answer:
$2076.30
Step-by-step explanation:
In the n-th year, the rent will be ...
an = a1·r^(n-1) . . . . . . . . . r is the year on year ratio: 1+rate of increase
an = 1100·(1.095^(n-1))
Then the rent in the 8th year is ...
a8 = 1100·(1.095^(8-1)) ≈ 2076.30
The rent in the 8th year would be $2076.30.
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