Question

In one month, the median home price in the Northeast rose from $225,400 to $241,500. Find the percent increase. Round your answer to the nearest tenth of a percent.

Answer 1

7.1%

The percentage increase is 7.1%

Explanation:

Percentage increase %∆P is the percentage change in the price.

Percentage increase %∆P = ∆P/Pr × 100%

Where;

∆P = change in sales price = $241,500-$225,400

Pr = regular price = $225,400

Substituting the given values;

%∆P = (241,500-225,400)/225,400 × 100%

%∆P = 7.142857142857% = 7.1%

The percentage increase is 7.1%