Raymond pays $1,000 per month in rent, and he is expecting a rent increase. His landlord agreed to a gradual increase according to the following plan:

January, 0% increase

February, 5% increase

March, 10% increase from January

April, 15% increase from January

May, 20% increase from January

June, 25% increase from January.

Let matrix A be the matrix of 6 months of rent before the increase.

A = [1000 1000 1000 1000 1000 1000]

Let matrix B be the percent increase matrix with percent entries written as equivalent decimals.

Explain how AB will yield the total rent paid from January to June. What is that total?

Financial Algebra Advanced Algebra With Financial Applications

2nd Edition

Authors: Robert Gerver, Richard J. Sgroi

ISBN: 9781337271790

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