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Art [367]
2 years ago
15

A price was increasing at a rate of 15% per year.

Mathematics
2 answers:
alexgriva [62]2 years ago
5 0
The monthly growth rate is the annual growth rate divided by 12, because there are 12 months in a year.

monthly rate = 15% ÷ 12
monthly rate = 15/100 ÷ 12
monthly rate = 15/100 × 1/12
monthly rate = 15/1,200
monthly rate = 1.25/100
monthly rate = 1.25%

The monthly growth rate is 1.25% or approximately 1.3%
Enter 1.3 in the box
Mariulka [41]2 years ago
4 0

Answer:

1.3

Step-by-step explanation:

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