You rent an apartment that costs \$1700$1700 per month during the first year, but the rent is set to go up 9.5% per year. What would be the rent of the apartment during the 9th year of living in the apartment? Round to the nearest tenth (if necessary).
Answers
Given : an apartment that costs $1700 per month during the first year,
rent is set to go up 9.5% per year
To Find : What would be the rent of the apartment during the 9th year of living in the apartment
Solution:
Rent 1st Year = $1700 per month
Rent 2nd year = 1700(1 + 9.5/100)
Rent 3rd year = 1700(1 + 9.5/100)²
Rent 9th year = 1700(1 + 9.5/100)⁸
= 3,513.68
= 3,513.7 $
rent of the apartment during the 9th year of living in the apartment = 3,513.7 $
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Step-by-step explanation:
✰ Question ⤵
You rent an apartment that costs \$1700$1700 per month during the first year, but the rent is set to go up 9.5% per year. What would be the rent of the apartment during the 9th year of living in the apartment? Round to the nearest tenth (if necessary).
✰ To Find ⤵
What would be the rent of the apartment during the 9th year of living in the apartment.
✰ Solution ⤵
- Rent of 1st year = $1700 per month
- Rent of 2nd year = 1700 ( 1 + 9.5/100)
- Rent of.3rd year = 1700 ( 1 + 9.5/100)^2
Rent 9th year 1700 (1 + 9.5 / 100)^8
=> 3, 513.68
=> 3513.7$
Rent of the apartment during the 9th year.of living in the apartment = 3, 513.7$
Hope it helpful..✌️