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

What was the monthly growth rate?

Enter your answer, rounded to the nearest tenth of a percent, in the box.

Question

Mathematics

Esther Reynolds

21 November, 23:37

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

What was the monthly growth rate?

Enter your answer, rounded to the nearest tenth of a percent, in the box.

+3

Answers (1)

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Libby Estrada · Answer 1

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

A price was increasing at a rate of 15% per year.What was the monthly growth rate?Enter your answer, rounded to the nearest tenth of a percent, in the box.

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

What was the monthly growth rate?

Enter your answer, rounded to the nearest tenth of a percent, in the box.