SOLUTION: The cost of living in each quarter (3 months) increased by 2% over the previous quarter. To the nearest tenth of a percent, to what annual percentage rate of increase does this cor
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Question 614884: The cost of living in each quarter (3 months) increased by 2% over the previous quarter. To the nearest tenth of a percent, to what annual percentage rate of increase does this correspond?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
The cost of living in each quarter (3 months) increased by 2% over the previous quarter. To the nearest tenth of a percent, to what annual percentage rate of increase does this correspond?
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= 1.02^4 - 1
= 0.0824
--> 8.2%
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