Question

A house cost $120,000 when it was purchased. The value of the house increases by 10% each year. Find the rate of growth each month and select the correct answer below.

Answer 1

I am stuck here. I do not know what formula I should use!!!

Answer 2

Since there are 12 months in a year, you need to divide the annual rate by 12.

Answer 3

and after that? @mathstudent55

Answer 4

that should be your answer

Answer 5

Just divide 10% by 12. What do you get?

Answer 6

ohhhh.... okay it makes sense