Your apartment's monthly rent was $300 last year. This year it is $350. What is the rate of inflation, to the nearest tenth percent?
50/300 = 0.166666 = 16.7%
To find the rate of inflation, we need to calculate the percentage increase in the rent from last year to this year. Here's how you can do it step by step:
Step 1: Calculate the dollar increase in rent.
The dollar increase in rent is the difference between this year's rent and last year's rent.
Dollar Increase = Current Year's Rent - Last Year's Rent = $350 - $300 = $50
Step 2: Calculate the percentage increase in rent.
Percentage Increase = (Dollar Increase / Last Year's Rent) * 100%
Percentage Increase = ($50 / $300) * 100% ≈ 16.7%
Therefore, the rate of inflation in your apartment's monthly rent is approximately 16.7% to the nearest tenth percent.