Answer:
[tex]28.8\%[/tex].
Step-by-step explanation:
We have been given that prices increase at a monthly rate of 2.4%. We are asked to find the percentage at which prices will increase in a year.
We know that 1 year equals 12 months.
To find the increase in one year, we will multiply monthly increase rate by 12 as:
[tex]\text{Yearly increase rate}=12\times 2.4\%[/tex]
[tex]\text{Yearly increase rate}=28.8\%[/tex]
Therefore, the prices will increase at a rate of [tex]28.8\%[/tex] in a year.
