Ahouse cost $120,000 when it was purchased. the value of the house increases by 10% each year. what is the rate of growth each month? select the correct answer below.
a) 0.797%
b) 0.00797%
c) 0.833%
d) 0.00833%

C) 0.833%

Step-by-step explanation:

Given: Cost price of house = $120,000

The rate of increase of its cost = 10%

Therefore, the increase amount of house per year =10% of $120,000

Now, the amount increase each month=

Let r be the rate of growth each month, then

r% of $120,000=1000

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