Rental cost for offices spaces have been going up at 6.2% per year compounded annually for the past 5 years
the past 5 years. If office space rent is now $32 per square foot per month, what were the
rental rates 5 years ago
Homework Answers
Future = Present*(1+r)^n
so
32=Present(1.062)^5
Solve for Present.
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