nunezla1 nunezla1
  • 02-08-2017
  • Mathematics
contestada

If prices Increase at a monthly rate of 2.3%, by what percentage do they increase in a year?

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andriansp andriansp
  • 08-08-2017
In this question, the prices are Increased at a monthly rate of 2.3%. Since you are asked how much the percentage in a year and there is 12 month in a year, then you need to do the calculation 12 times.

The calculation would be (100%+2.3%)^12= 
131.37344984%

That would be about 31.37% a year. 
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