CPM Homework Help : CCA Problem 8-108

Over a four month period the price of an ounce of gold steadily increased from $\$1000$ to $\$1400$ . What was the monthly multiplier? What was the monthly percent increase?

Hint 1:

First, ask yourself these questions:
What was the initial cost of an ounce of gold? The new price?
How long did it take for the gold to reach the new price?

Hint 2:

If $m$ is the monthly multiplier, then $1000(m)(m)(m)(m)=1400$ .

Answer:

The monthly multiplier is $1.088$ , and the monthly percent increase is $8.8\%$ .