Answer:
[tex]r = 43.35[/tex]
Step-by-step explanation:
Given
[tex]Current\ Rent = r[/tex]
[tex]Increment = 15\%[/tex]
[tex]New\ Rent = \$51[/tex]
Required
Determine the value of r
The value of r can be set up percentage increase formula as follows:
[tex]\%Increment = \frac{New\ Rent - Current\ Rent}{Current\ Rent}[/tex]
Substitute values in the above equation
[tex]15\% = \frac{51 - r}{51}[/tex]
Cross Multiply
[tex]51 - r = 15\% * 51[/tex]
Convert percentage to decimal
[tex]51 - r = 0.15 * 51[/tex]
[tex]51 - r = 7.65[/tex]
And the value of [tex]r\ is\ calculated\ using:[/tex]
[tex]r = 51 -7.65[/tex]
[tex]r = 43.35[/tex]
Hence, Cody's current rent is $43.35 monthly
