Question

If prices increase at a monthly rate of 3.7%, by what percentage do they increase in a year?

Answer 1

Since there are 12 months in a year, and it increases at a rate of 3.7% every month, we can get the correct answer by multiplying 3.7% by 12.
3.7*12=44.4
It increased at a percentage of 44.4 each year.
Hope this helps!