Question

If prices rise by 1.5% a month, by how much will they increase over a full year? input your answer correct to two decimal places.

Answer 1

18% in a year

Step-by-step explanation:

We know that there are 12 months in a year. To to find the percentage of yearly increase, we just need to multiply the monthly percentage by the number of months in a year.

1.5% = 0.015

0.015 * 12 = 0.18

0.18 = 18%

So, the prices increase 18% in a year.