Rental rates have increased over the past 3 years in the Nashville apartment market. Three years ago, rents averaged $1,500 per month. Two years ago, rents averaged $1,600 per month. Last year, rents averaged $1,750 per month and today, rents average $1,950 per month. What was the average rate of rent growth over the past three years? Hint: Use Time Value of Money and think about PV and FV

Group of answer choices

9.15%

11.4%

7.79%

$450

6.58%