QuestionDecember 18, 2025

What is the total cost of renting over 30 years, excluding insurance? To calculate the total rental cost over 30 years, excluding insurance, use the following formula: Total Rent=Rent_(initial)times (((1+r)^n-1)/(r))times 12 Where: - Rentinitial is the initial monthly rent. -r is the annual rent increase rate (in decimal form, e g.,3% =0.03 -n is the number of years (in this case , 30). The total cost of renting over 30 years , excluding insurance, is approximately square

What is the total cost of renting over 30 years, excluding insurance? To calculate the total rental cost over 30 years, excluding insurance, use the following formula: Total Rent=Rent_(initial)times (((1+r)^n-1)/(r))times 12 Where: - Rentinitial is the initial monthly rent. -r is the annual rent increase rate (in decimal form, e g.,3% =0.03 -n is the number of years (in this case , 30). The total cost of renting over 30 years , excluding insurance, is approximately square
What is the total cost of renting over 30 years,
excluding insurance?
To calculate the total rental cost over 30 years,
excluding insurance, use the following formula:
Total Rent=Rent_(initial)times (((1+r)^n-1)/(r))times 12
Where:
- Rentinitial is the initial monthly rent.
-r is the annual rent increase rate (in decimal form,
e g.,3% =0.03
-n is the number of years (in this case , 30).
The total cost of renting over 30 years , excluding
insurance, is approximately  square

Solution
4.5(286 votes)

Answer

570,920.40 Explanation 1. Identify Variables Let Rent_{initial} = 1000, r = 0.03, n = 30. 2. Apply Formula Use the formula: Total\ Rent = Rent_{initial} \times \left(\frac{(1+r)^{n}-1}{r}\right) \times 12 3. Calculate Total Rent Substitute values: Total\ Rent = 1000 \times \left(\frac{(1+0.03)^{30}-1}{0.03}\right) \times 12 4. Compute Exponent Calculate (1+0.03)^{30} \approx 2.4273. 5. Compute Fraction Calculate \frac{2.4273 - 1}{0.03} \approx 47.5767. 6. Calculate Total Rent Multiply: 1000 \times 47.5767 \times 12 \approx 570,920.40.

Explanation

1. Identify Variables<br /> Let $Rent_{initial} = 1000$, $r = 0.03$, $n = 30$.<br /><br />2. Apply Formula<br /> Use the formula: $$Total\ Rent = Rent_{initial} \times \left(\frac{(1+r)^{n}-1}{r}\right) \times 12$$<br /><br />3. Calculate Total Rent<br /> Substitute values: <br />$$Total\ Rent = 1000 \times \left(\frac{(1+0.03)^{30}-1}{0.03}\right) \times 12$$<br /><br />4. Compute Exponent<br /> Calculate $(1+0.03)^{30} \approx 2.4273$.<br /><br />5. Compute Fraction<br /> Calculate $\frac{2.4273 - 1}{0.03} \approx 47.5767$.<br /><br />6. Calculate Total Rent<br /> Multiply: $1000 \times 47.5767 \times 12 \approx 570,920.40$.
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