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

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CastleRook
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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