if a city grows by 12% per month what is the yearly growth rate

if a city grows by 12% per month what is the yearly growth rate

We know that there are 12 months in a year.
12% = 0.12

Annual Growth Rate = (1 + Monthly Growth Rate)^12 - 1
Annual Growth Rate = (1 + 0.12)^12 - 1
Annual Growth Rate = (1.12)^12 - 1
Annual Growth Rate = 3.89597599255 - 1
Annual Growth Rate = 2.90

For our percentage, our annual growth rate is the Annual growth rate * 100%
2.90 * 100% = 290%