Photo by Alexander Isreb from Pexels
THE SCENARIO
Back in July of 2015, I rented a storage unit to store some 'treasures' that wouldn't fit once I moved into a much smaller place. At the time, the rent was $108 per month.
Yesterday, I got a letter in the mail letting me know about a rent increase (they tend to do one each year or so), effective on July 1st of 2019. The new rent will be $215 per month.
The question: What has the average annual percentage increase in rent been over the past 4 years? Assume monthly compounding.
THE SOLUTION
This one is straightforward.
First things first, make sure the calculator is using 12 Payments per Year.
N: 48 (July 2015 to July...
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