Benysod9338 Benysod9338

02-05-2018
Mathematics

contestada

If prices increase at a monthly rate of 1.1%, by what percentage do they increase in a year, What is the annual inflation rate

Respuesta :

CastleRook CastleRook

11-05-2018

Suppose
P0=$1
A=P(1+r)^(td)
A=1(1+0.011)^12
A=1(1.011)^12
A=$1.1403

Yearly increase will therefore be 14.03%. Hence the inflation per year is 14.03%

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