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If an amount of $100 in a savings account increases by 10% then increases by 10% again is that the same as increasing by 20

If an amount of $100 in a savings account increases by 10% then increases by 10% again is that the same as increasing by 20
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If an amount of $100 in a savings account increases by 10% then increases by 10% again is that the same as increasing by 20

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User Ezequiel Adrian
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7.9k points

1 Answer

5 votes
No, it's not.
increasing by a percentage means (1+percentage)
$100 * (1+0.1) = $110

$110 * (1.1) = $121

However, $110 * 1.2 = $132
answered
User Greg Kennedy
by
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