Mathematics, 30.10.2020 09:00, gabegabemm1

Alan says that a growth rate of 12% per year is equivalent to a growth rate of 1% per month because there are 12 months in a year and 12%÷12=1%. Explain why Alan is mistaken, and approximate the correct monthly growth rate that is equivalent to an annual growth rate of 12%. Round to two decimal places. Show your work, please. Thank you!

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Alan says that a growth rate of 12% per year is equivalent to a growth rate of 1% per month because...