Answer:
The percent increase per year is 4%
Step-by-step explanation:
we have
[tex]y=2,400(1.04^x)[/tex]
This is a exponential function of the form
[tex]y=a(b^x)[/tex]
where
y represent the monthly rent at Lake View Apartments
x represent the number of years
a is the initial value (y-intercept)
b is the base
r is the rate or percent increase
[tex]b=(1+r)[/tex]
The percent increase per year is the base of the exponential function decreased by 1.
so
[tex]r=b-1[/tex]
In this problem we have
[tex]a=\$2,400[/tex] ---> initial value
[tex]b=1.04\\r=1.04-1=0.04=4\%[/tex]
Therefore
The percent increase per year is 4%
