The average monthly rent for a 1000-sq-ft apartment in a major metropolitan area

Question

The average monthly rent for a 1000-sq-ft apartment in a major metropolitan area from 1998 through 2005 can be approximated by the function below where t is the time in years since the beginning of 1998. Find the value of t when rents were increasing most rapidly. Approximately when did this occur? f(t) = 1.6111t4 - 19.138t3 + 62.84t2 + 6.4046t + 1046 The rents were increasing most rapidly when t = (Do not round until the final answer. Then round to three decimal places as needed.) The rents were increasing most rapidly during the year .

Explanation / Answer

1.445

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