Question

What is the final amount if 1102 is increased by 2% followed by a further 1% increase? Give your answer rounded to 2 DP.

Answer 1

To increase by 2% you multiply to get 1102*0.02=22.04. You then add that to 1102, getting 1124.04. To then decrease it by 1% you multiply to get 1124.04*0.01=11.24. Subtract 11.24 from 1124.04 to get a final answer of 1112.8