If prices increase at a monthly rate of 1.5% by what percentage do they increase in a year

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Mathematics

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5 May, 22:45

If prices increase at a monthly rate of 1.5% by what percentage do they increase in a year

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Lin · Answer 1

The question says that prices increase at a monthly rate of 1.5%.

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%

Therefore, the prices increase 18% in a year.