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If prices Increase at a monthly rate of 1.4 %, by what percentage do they increase in a year?

If prices Increase at a monthly rate of 1.4 %, by what percentage do they increase in a year?
asked 58.3k views
4 votes
If prices Increase at a monthly rate of 1.4
%, by what percentage do they increase in a year?

asked
User Karel Marik
by
8.8k points

1 Answer

4 votes
(1+1.4/100)^12

1.014^12

1.181559

So they increase by about 18.16% per year (to nearest hundredth of a percent)


answered
User Armando
by
7.8k points
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