A 5 year lease for a office space states that the annual rent is 62,000 for the first year and will increase by 7% each addition

Question

Gnesinka [82]

2 years ago

11

A 5 year lease for a office space states that the annual rent is 62,000 for the first year and will increase by 7% each addition

al year of the lease. what will the total rent expense (nearest cent) be for the entire 5 year lease?
PLSSS HELPPPPPP

Mathematics

1 answer:

Jet001 [13] · Answer 1 · 2023-04-22T02:06:12+03:00

Jet001 [13]2 years ago

6 0

First year- 62,000
Second year- 7% increased in rent= 66,340
Third year- 7% increased in rent (66,340)= 70,984
Fourth year- 7% increased in rent (70,984)= 75,953
Fifth year- 7% increased in rent (75,953)= 81,270.

Total 5 years lease- 356,547.