In forming his budget for this year, Jamal decided to use his average cost for utilities last year to project his expenses for the future. Last year he spent an average of $216 per month on utilities but the anticipates a 5% increase in the annual cost of utilities. Based on this information how much should he expect to pay for utilities each moth this year.
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1.05*216=226.8
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.05 times 216. Add the answer to 216 then divide the sum by 12 to figure out how much each month is.
.05 X 216 = 10.8
10.8 + 216 = 226.8
226.8/ 12 = $18.90 per month
.05 X 216 = 10.8
10.8 + 216 = 226.8
226.8/ 12 = $18.90 per month