The rent for an apartment is $6600 per year and increases at a rate of 4% each year. Find the rent o

The rent for an apartment is $6600 per year and increases at a rate of 4% each year. Find the rent of the apartment after 5 years. Round your answer to the nearest penny.

Our Rent R(y) where y is the number of years since now is:
R(y) = 6600 * (1.04)^y <-- Since 4% is 0.04

The problem asks for R(5):
R(5) = 6600 * (1.04)^5
R(5) = 6600 * 1.2166529024
R(5) = 8,029.91