Monthly rent at lake view apartments has increased annually and is modeled by the exponential equation y = 2,400(1.04)x. what is the percent increase per year?

The percent increase per year is 4%

Step-by-step explanation:

we have

This is a exponential function of the form

where

y represent the monthly rent at Lake View Apartments

x represent the number of years

a is the initial value (y-intercept)

b is the base

r is the rate or percent increase

The percent increase per year is the base of the exponential function decreased by 1.

so

In this problem we have

---> initial value

Therefore

The percent increase per year is 4%

step-by-step explanation:

if you meant, "on the way from (3, 2) to (3, 14):

x does not change; y increases by 12.

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