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3. Rather than buying a shop, you will consider renting a shop. Compare the purchase price, $3,500,000, to renting. The first-year rent is $140,000 per

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3. Rather than buying a shop, you will consider renting a shop. Compare the purchase price, $3,500,000, to renting. The first-year rent is $140,000 per year but will rise over subsequent years. If the annual interest rate is 10%, at what is annual percentage increase in rent that makes renting equivalent to buying? Assume the shop can be used forever, and show your formula(s) with numbers inserted

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