The fair market rental rate for Columbus was $730 in 2013 and $551 in 2003. Find the average rate of change for rent in Columbus during this period.
17.9
To find the average rate of change for rent in Columbus during this period, we can use the formula:
Average Rate of Change = (Final Value - Initial Value) / (Final Year - Initial Year)
Let's substitute the given values into the formula:
Average Rate of Change = ($551 - $730) / (2003 - 2013)
Simplifying this expression, we get:
Average Rate of Change = (-$179) / (-10)
Dividing -179 by -10, we find:
Average Rate of Change = $17.9
Therefore, the average rate of change for rent in Columbus during this period is $17.9.
To find the average rate of change for rent in Columbus during this period, we need to calculate the difference in rent and divide it by the number of years.
The difference in rent (change in rent) from 2003 to 2013 is $730 - $551 = $179.
The number of years between 2003 and 2013 is 2013 - 2003 = 10 years.
To find the average rate of change, divide the change in rent by the number of years:
Average rate of change = Change in rent / Number of years = $179 / 10 = $17.90 per year.
Therefore, the average rate of change for rent in Columbus during this period is $17.90 per year.