Rent for an office building was $7500 per year in 2016. The rent increased at an average rate of 4% per year. What is the yearly rent in 2020? Round to the nearest dollar.

Sanderson is having trouble with his assignment. his shown work is as follows: − 3 7 7 3 = − 3 7 × 7 3 = − 21 21 = −1 however, his answer does not match the answer that his teacher gives him. complete the description of sanderson's mistake. find the correct answer.