Homework Help: math

Posted by momo on Sunday, February 26, 2012 at 11:44pm.

Rental cost for offices spaces have been going up at 6.2% per year compounded annually for
the past 5 years. If office space rent is now $32 per square foot per month, what were the
rental rates 5 years ago

math - MathMate, Monday, February 27, 2012 at 12:23am
Use the compound interest formula:
Future = Present*(1+r)^n
so
32=Present(1.062)^5
Solve for Present.

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