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in 1998 the unemployment rate of a city decreased by approximately 1.2% each month. in January the unemployment rate was 8%. what was the rate in December? how would I solve it

Guest Mar 4, 2017
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Decreasing 1.2% per month means that the next month's unemplyment rate is  100 - 1.2  = 98.8 % of the previous month  = .988

 

So eleven months elapse between January and December......so....December's rate  =

 

8 (.988)^11  ≈  .7 %

 

 

cool cool cool  

CPhill  Mar 4, 2017

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