Question

Please help!!
You rent an apartment that costs $1800 per month during the first year, but the rent
is set to go up 11.5% per year.
What would be the rent of the apartment during the
10th
year of living in the apartment? Round to the nearest tenth (if necessary).

Answer 1

Answer:

Rent in 10th year = $5345.90

Step-by-step explanation:

Rent of apartment during first year = $1800 per month

But growth in rent with 11.5% per year will be represented by the exponential function,

Rent in 't'th year = $\text{Initial rent}(1+\frac{\text{Growth rate}}{100})^{\text{time}}$

                          = $1800(1+\frac{11.5}{100})^t$

                          = $1800(1.115)^t$

Therefore, rent during 10th year will be,

Rent in 10th year = $1800(1.115)^{10}$

                            = $5345.90

Answer 2

Answer:

4794

Step-by-step explanation: