An apartment complex can rent all 150 of its one-bedroom apartments at a monthly rate of $600. For each $20 increase in rent, 3 additional apartments are left unoccupied. At what monthly rate should each apartment be rented in order to maximize the total rent collected? $ What is the maximum total rent that may be collected for the one-bedroom apartments?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
An apartment complex can rent all 150 of its one-bedroom apartments at a monthly rate of $600. For each $20 increase in rent, 3 additional apartments are left unoccupied. At what monthly rate should each apartment be rented in order to maximize the total rent collected?
$
What is the maximum total rent that may be collected for the one-bedroom apartments?
$
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