Shawn401 Shawn401

08-08-2017
Mathematics

contestada

If prices increase at a monthly rate of 3.8%, by what percentage do they increase in a year?

Respuesta :

CastleRook CastleRook

14-08-2017

Given that the monthly rate is 3.8%, keeping this rate constant throughout the year implies that the yearly rate is a cumulative sum of the monthly rate. This shows us the monthly yearly growth rate will be given by:
3.8*12
=45.6%
The answer is 45.6%

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