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Question 973286: Your $750 rent increases 3% over year. Write an equation and then find your rent in 10 years.
Doing this the long way (taking 750(0.03) and then changing the new rent amount each month, I come up with the rent totaling $1007.94 after 10 years. I can't figure out how to write that equation in a simpler form,and I'm not even sure I found the correct answer!
Answer by Theo(13342)   (Show Source):
You can put this solution on YOUR website! it would be 750 * 1.03^10 = 1007.937285
you got it right, but you did it the long way.
the equation is derived as follows:
750 * 1.03 gets you the first year.
750 * 1.03 * 1.03 gets you the second year.
that's equivalent to 750 * 1.03^2
750 * 1.03 * 1.03 * 1.03 gets you the third year.
that's equivalent to 750 * 1.03^3
the tenth year becomes 750 * 1.03^10.
your multiplication factor is 1.03 because 750 + 750 * .03 is equal to 750 * 1.03 after you factor out the common term of 750.
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