Question

A price was increasing at a rate of 15% per month what is the annual growth rate enter your answer rounded to the nearest tenth of a percent in the box PLEASE HELP

Answer 1

Answer:

435

Step-by-step explanation:

Answer 2

Hello there! I can help you! The formula for finding the annual growth rate is (1 + r)^t. In other words, you add the rate in decimal form from 1 and raise it to the t power, depending on how many times it is compounded. 15% is 0.15 in decimal form. 1 + 0.15 is 1.15. We have that number. Now, we are looking for the annual growth rate. It increases monthly, annual has to do with 1 year, and there are 12 months in 1 year. Now, let's raise 1.15 to the 12th power. 1.15^12 is 5.350250105. Don't delete it. We can subtract 1 from that number to get 4.350250105. Now, let's multiply it by 100 to get the answer in percent form. When you do, you get 435.0250105 or 435 when rounded to the nearest tenth, because there is a 0 in the tenths place. We can subtract There. The annual growth rate is about 435%.