SOLUTION: if the rent starts out at $1500.00 per month and goes up 3% every year for 10 years... what are the yearly rental rates? thank you

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Question 985559: if the rent starts out at $1500.00 per month and goes up 3% every year for 10 years... what are the yearly rental rates?
thank you
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
if the rent starts out at $1500.00 per month and goes up 3% every year for 10 years... what are the yearly rental rates?
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Each year the rent is multiplied by 103%
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Equation:
1500*1.03^10 = $2015.87
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Cheers,
Stan H.
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