Get reliable answers to your questions at Westonci.ca, where our knowledgeable community is always ready to help. Discover a wealth of knowledge from experts across different disciplines on our comprehensive Q&A platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.
Sagot :
Given :
You rent an apartment that costs $1700 per month during the first year, but the rent is set to go up 9% per year.
To Find :
The rent of the apartment during the 12th year of living in the apartment.
Solution :
Let, A is the final price after 12 year and P is the principal amount.
We know, by formula of compounding :
[tex]A = P( 1 + \dfrac{r}{100})^t\\\\A = 1700( 1 + \dfrac{9}{100} )^{12}\\\\A = \$4781.53[/tex]
Therefore, the rent of the apartment during the 12th year of living in the apartment is $4781.53 .
We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.