Answer:
21%
Step-by-step explanation:
Because the first 10% increase is calculated as 10% of what you started with. The second 10% is 10% of what you started with plus 10% of the increase caused by the original 10% increase.
Let's do the maths…
Let's start with 100 to make things easy.
We know that 10% of 100 is 10.
We know that 20% of 100 is 20.
So if we increase 100 by 10% we get 110.
If we increase 100 by 20% we get 120.
Now lets do the 10% plus 10%.
From the first 10% increase we were left with 110.
Now if we take 10% of the 110 we have 11.
Add that to the 110 and we get 121.
This is why people are surprised how quick a lone can rise if we don't pay it off. We are paying interest on the basic sum plus interest on the interest, then interest on the interest on the interest.
HOPE THIS HELPS YOU
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