document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=234897>Question 234897</A>: <I><SPAN STYLE=\"word-break: break-all;\"> please help! no idea where to start on this one\r<BR>\n" );
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document.write( "The first apartment I rented was 32 years ago in Chicago. The rent was $250 a<BR>\n" );
document.write( "month. If inflation has been more or less around 4% a year and the rent has gone up<BR>\n" );
document.write( "according to the inflation. What do you think the rent for that apartment is today? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #173166 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=173166\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 250 a month 32 years ago.\r<BR>\n" );
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document.write( "Rent goes up 4% each year.\r<BR>\n" );
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document.write( "250 * (1.04)^32 = 877.0146867 today.\r<BR>\n" );
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document.write( "Inflation is the increase in price per year.\r<BR>\n" );
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document.write( "At 4% per year, the rent is multiplied by 1.04 each year.\r<BR>\n" );
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document.write( "first year the rent is $250<BR>\n" );
document.write( "Second year the rent is $250 * 1.04 = $260.00<BR>\n" );
document.write( "Third year the rent is $260.00 * 1.04 = $270.4\r<BR>\n" );
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document.write( "You went up two years.<BR>\n" );
document.write( "The formula is $250 * (1.04)^n where n is the number of years.<BR>\n" );
document.write( "n = 2<BR>\n" );
document.write( "250 * (1.04)^2 = $270.4\r<BR>\n" );
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document.write( "When n = 32, the formula becomes:\r<BR>\n" );
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document.write( "250 * (1.04)^32 = $877.0146867\r<BR>\n" );
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document.write( " </SPAN>\n" );
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