Question

the cost of living increased by 2% one year. the next year it increased by 3%. work out the total percentage increase over these two years

Answer 1

5.06%

Explanation:

x = cost of living....then increase it 2 %

1.02 x = new cost of living now increase this 3 %

(1.03) 1.02x = 1.0506x which equates to 5.06% increase in 2 years