Question

during the last year the value of your house decreased by 20%. if the value of your house is $184,000 today, what was the value of your house last year? round your answer to the nearest cent, if necessary .

Answer 1

The last year value of the house will be $230,000.

Explanation:

GIVEN: Decrease in house price = 20%

Current house price = $184,000

TO FIND: Value of the house last year

SOLUTION:

If the value of the house decreased by 20% during last year, this means the value of the house this year is 80% of last year's value.

Let the value of the house last year be 'x'.

If the value of the house today is $184,000, then:

`80/100 * x = 184,000\\\\0.8x = 184,000\\\\x = 184,000/0.8\\\\x = 230,000`

Therefore, the last year value of the house will be $230,000.