###### Exercise5

In May 2016, the median rent price for a one-bedroom apartment in a city was reported to be \({\$1{,}507.50}\) per month. This was reported to be an increase of \(0.5\%\) over the previous month. Based on this reporting, what was the median price of a one-bedroom apartment in April 2016?

Assume the median price of a one-bedroom apartment in April 2016 was \(p\) dollars. Write an equation to model this scenario. There is no need to solve it.