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18 November, 11:16

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

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  1. 18 November, 11:45
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    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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