Question

Mr. Duncan just had his condo appraised to find out its value. According to the appraiser, the

ondo is currently worth $202,470. That is 2% higher than the condo was worth when he
ought it several years ago. What was the value of the condo then?

Answer 1

The answer is 194,420.6

Answer 2

The appraiser said that the condo is currently worth $202,470 and it's 2% higher than the condo was worth when Mr. Duncan bought it several years ago. To find the value of the condo when he bought it, we need to subtract 2% of the current value from the current value.

We can find 2% of the current value by multiplying it by 0.02:

$202,470 x 0.02 = $4,049.4

To find the value of the condo when he bought it, we need to subtract $4,049.4 from the current value:

$202,470 - $4,049.4 = $198,420.6

Therefore, the value of the condo when Mr. Duncan bought it was $198,420.6