Rental costs for office space have been going up at 94 per y

Rental costs for office space have been going up at 9.4% per year compounded annually for the past 8 years. If office space rent is now $29 per square foot per month, what were the rental rates 8 years ago?

Formula for Compound Interest :

Amount = Principal[ 1+r/100]^n

where r = rate of intersrest compounded annually ; n = no. of years

A = P[ 1+ 0.094]^8

29 = P(2.0518)

P = 29/2.0518 = $14.13

8 years ago rent was $14.13 per square foot per month

Rental costs for office space have been going up at 9.4% per year compounded annually for the past 8 years. If office space rent is now $29 per square foot per

Rental costs for office space have been going up at 94 per y

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