According to a certain central bank from 2000 to 2016 the average price of a new home in a certain region increased by 77% to $476 thousand.

Question

According to a certain central bank from 2000 to 2016 the average price of a new home in a certain region increased by 77% to $476 thousand. What was the average price of a new home in 2000?

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Arya 1 week 2021-10-06T11:36:13+00:00 1 Answer 0

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    2021-10-06T11:37:51+00:00

    Answer:

    The average price of a new home in 2000 was $ 268,927 (rounding to the next dollar)

    Step-by-step explanation:

    Let’s find out the average price of a new home in 2000, this way:

    x = Average price of a new home in 2000

    Increase rate = 77% = 0.77

    476,000 = Average price of a new home in 2016

    2. What was the average price of a new home in 2000?

    x + 0.77x = 476,000

    1.77x = 476,000

    x = 476,000/1.77

    x = 268,927 (rounding to the next dollar)

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