Question

In 1970, the median home value was $20,000. By 2020, the median home value was $320,000. What is the percent increase in home value in those 50 years?

Answer 1

1500%

Explanation:

The formula for Percentage increase is

Increase/ Initial Amount × 100

Increase = Current Amount - Initial Amount

Increase = $320,000 - $20,000

Increase = $300,000

Percentage Increase =

$300,000/$20,000 × 100

= 1500%

The percent increase in home value in those 50 years is 1500%