If prices increase at a monthly rate of 2.5%, by what percentage do they increase in a year?

Let the price initially is $100

And it is increasing per month at a rate of 2.5% , or we can say 0.025

Now applying the formula

where A is amount( final value) , P is initial value , r is rate , and n is the number of months.

Now we have to calculate for 1 year it means , n=12

So plugging all the values we get

By plugging in calculator we get

A=134.4889

It means Increase in price in 1 year = 134.4889 - 100 = 34.4889

So In percent = 34.4889%

In a year it increases at 34.4889%

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