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29 August, 15:16

If prices increase in the monthly rate of 28,000% by what percent do they increase in a year and a day song 30 days per month

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  1. 29 August, 15:17
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    The rate of 28,000% per month is extremely big. I believe the correct monthly rate is 2.8% (correct me if I am wrong though). Next time kindly check the given values.

    Rate is expressed in a factor of:

    (1 + r) ^n

    where r is the rate and n is the number of months

    First we calculate for the rate in a year (1 year = 12 months). We know that the rate must be constant, therefore:

    rate in a month = rate in a year

    (1 + 0.028) ^1 = (1 + r) ^ (1/12)

    r = 0.3929

    Therefore there is an increase of about 39.29% in a year.

    Then we calculate for the rate in a day (1 month = 30 days). The rate must also be constant, therefore:

    rate in a month = rate in a day

    (1 + 0.028) ^1 = (1 + r) ^ (30)

    r = 9.21 * 10^-4

    Therefore there is an increase of about 0.092% per day.
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