You rent an apartment that costs $900 per month during the first year, but the rent is set to go up 10.5% per year. Write a recursive formula to show what the rent is during the nth year of living in the apartment.
Let R(n) be the rent during the nth year.
R(1) = $900
R(n) = R(n-1) + 0.105*R(n-1)
Therefore, the recursive formula for the rent during the nth year is:
R(n) = R(n-1) + 0.105*R(n-1)