Answer:
Explanation:
Step 1: Define each variable
Let's define some variables to make the calculations easier:
t1 = the median monthly rent in 1990, which is $447
t2 = the median monthly rent in 2002, which is $658
Δ = the change in median monthly rent, which is t2 - t1
Step 2: Calculate the change in median monthly rent
Δ = t2 - t1 = $658 - $447 = $211
This means that the median monthly rent increased by $211 from 1990 to 2002.
Step 3: Divide the change by the original amount
To find the percentage increase, we need to divide the change by the original amount and multiply by 100:
Δ / t1 * 100 = ($211 / $447) * 100 = 47.2%
This means that the median monthly rent increased by 47.2% from 1990 to 2002.
Step 4: Round to the nearest tenth of a percent
The final answer is 47.2%, rounded to the nearest tenth of a percent.
The percent increase in the median monthly rent prices from 1990 to 2002 was 47.2%.