Question

I am unable to solve this problem. Tap for examples... if prices increase at a monthly rate of  2.4%, by what percentage do they increase in a year?

Answer 1

Answer:

$28.8\%$.

Step-by-step explanation:

We have been given that prices  increase  at  a  monthly  rate  of  2.4%. We are asked to find the percentage at which prices will increase in a year.

We know that 1 year equals 12 months.

To find the increase in one year, we will multiply monthly increase rate by 12 as:

$\text{Yearly increase rate}=12\times 2.4\%$

$\text{Yearly increase rate}=28.8\%$

Therefore, the prices will increase at a rate of $28.8\%$ in a year.