Question

Cody's rent is increasing by $51 per month starting next year. That is an increase of 15% from his current monthly rent. Let r represent Cody's current rent. Set up an equation and solve it to find the value of r.

Answer 1

`r = 43.35`

Explanation:

Given

`Current\ Rent = r`

`Increment = 15\%`

`New\ Rent = \$51`

Required

Determine the value of r

The value of r can be set up percentage increase formula as follows:

`\%Increment = (New\ Rent - Current\ Rent)/(Current\ Rent)`

Substitute values in the above equation

`15\% = (51 - r)/(51)`

Cross Multiply

`51 - r = 15\% * 51`

Convert percentage to decimal

`51 - r = 0.15 * 51`

`51 - r = 7.65`

And the value of
`r\ is\ calculated\ using:`

`r = 51 -7.65`

`r = 43.35`

Hence, Cody's current rent is $43.35 monthly