Question

During a recent housing boom, the median price of homes increased in the United States. If James bought his house for $250,000 and the value 1 year later was $285,800, compute the percent decrease in the value of the house.

If necessary, round to the nearest hundredth of a percent.

Answer 1

James bought his house for = $250000

The value of the house 1 year later was = $285800

Difference in values =
`285800-250000=35800`

Let the percent increase be = x

`(250000)/(100)*x=35800`

`250000x=3580000`

`x=14.32`

Hence, the price from 1st year increased by 14.32% in the 2nd year.