If prices increase at a monthly rate of 3.7%, by what percentage do they increase in a year?

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26-03-2019
Mathematics

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If prices increase at a monthly rate of 3.7%, by what percentage do they increase in a year?

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jcultr4s3nse jcultr4s3nse · Answer 1 · 2019-03-26T01:12:29+01:00

jcultr4s3nse jcultr4s3nse

26-03-2019

Since there are 12 months in a year, and it increases at a rate of 3.7% every month, we can get the correct answer by multiplying 3.7% by 12.
3.7*12=44.4
It increased at a percentage of 44.4 each year.
Hope this helps!

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