James rents an apartment with an initial monthly rent of $1,600. He was told that the rent goes up 1.75% each year.

avissidep

avissidep

Answered question

2021-09-18

James rents an apartment with an initial monthly rent of $1,600. He was told that the rent goes up 1.75% each year. Write an exponential function that models this situation to calculate the rent after 15 years. Round the monthly rent to the nearest dollar.

Answer & Explanation

grbavit

grbavit

Skilled2021-09-19Added 109 answers

The rent can be expressed (exponentialfunction) as y=abx1 with a the initial rent and b the percentage increase by 1. Replace x with 15 y=1600(1+0.0175)x1
y=1600(1+0.0175)151=1600(1.0175)14=2,039.87

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