The growth rate per year is given by:
20%
We know that:
One year = 12 months
Applying this conversion, we have that the monthly change rate is given by:
[tex] (20) * (1/12) = 1.666666667%
[/tex]
round to the nearest tenth of a percent:
1.7%
Answer:
the monthly growth rate was: 1.7%
