A house cost $120,000 when it was purchased. The value of the house increases by 10% each year. Find the rate of growth each month and select the correct answer below.
For an increase rate of 10% each year Each year has 12 months Therefore; 10% is the rate for 1 year which is equivalent to 12 months Thus; 1 month = 10/12 = 5/6 = 0.8333 % Hence the rate of growth each month is 0.833%
