Answer::
[tex]f(n)=62000(1.03)^n[/tex]
Explanation:
• The first year rent = $62,000
,
• The rate of increase, r = 3% = 0.03
Since the rent increases by a common factor each year, we can find the explicit rule by using the formula for the nth term of a geometric sequence.
The nth term of a geometric sequence is calculated using the formula:
[tex]T_n=a_1(r)^{n-1}[/tex]
In this case:
• a1 = 62,000
,
• r=1+0.03=1.03
Thus, an explicit rule that describes the rent after n years is:
[tex]f(n)=62000(1.03)^n[/tex]
