If prices increase in the monthly rate of 28,000% by what percent do they increase in a year and a day song 30 days per month

The rate of 28,000% per month is extremely big. I believe the correct monthly rate is 2.8% (correct me if I am wrong though). Next time kindly check the given values.

Rate is expressed in a factor of:

(1 + r) ^n

where r is the rate and n is the number of months

First we calculate for the rate in a year (1 year = 12 months). We know that the rate must be constant, therefore:

rate in a month = rate in a year

(1 + 0.028) ^1 = (1 + r) ^ (1/12)

r = 0.3929

Therefore there is an increase of about 39.29% in a year.

Then we calculate for the rate in a day (1 month = 30 days). The rate must also be constant, therefore:

rate in a month = rate in a day

(1 + 0.028) ^1 = (1 + r) ^ (30)

r = 9.21 * 10^-4

Therefore there is an increase of about 0.092% per day.