You rent an apartment that costs \$1700$1700 per month during the first year, but the rent is set to go up 8.5% per year. What would be the rent of the apartment during the 11th year of living in the apartment? Round to the nearest tenth (if necessary).

The current rent of the apartment = $1700 per month

The rate of increase in rent = 8.5% per year

The rent of the apartment during the 11th year = ??

where Pn is the rent after 11 years

P is the current rent of the apartment

R = 8.5

T = 11 years

Substituting the values in the above equation, we get

Pn = 1700 (2.453)

Pn = $4170.38 = $4170.

step-by-step explanation:

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