Question

A house has increased in value by 15% since it was purchased. If the current value is $552,000, what was the value when it was purchased?

Answer 1

Given:

Current value = $552000.

Value increased = 15%

Find-:

The purchased value

Explanation-:

Let purchased value = x

Value increased by 15%

Then,

`\begin{gathered} \therefore100\text{ purchased value then current value}=115 \\ \\ \because1\text{ purchased value then current value}=(115)/(100) \\ \\ \because x\text{ purchased value then current value}=(115)/(100)* x \end{gathered}`

The current value is $552000.

Then purchased value is:

`\begin{gathered} 552000=(115)/(100)* x \\ \\ x=(552000*100)/(115) \\ \\ x=(55200000)/(115) \\ \\ x=480000 \end{gathered}`

So the purchased value is 480000.