Question

In 2007, the value of a house was £119,995 From 2007 to 2018, house prices decreased by 9.4%. How much has the value of the house decreased by?

Answer 1

Answer: £11,279.53

Explanation:

Given

In 2007, the price of the house was £119,995

Price decreases by 9.4%

`\Rightarrow \text{Current Price}=\text{Old Price}-9.4\%\text{Old Price}\\\Rightarrow 119,995-9.4\%\ \text{of}\ 119,995\\\Rightarrow 119,995(1-0.094)=119,995* 0.906\\\Rightarrow 108,715.47`

Price decreased by 119,995-108,715.47=£11,279.53