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Chapter 3: Q. 114 (page 334)

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

Short Answer

Expert verified

The percent increase in the median home price in the Northeast is 7.1%

Step by step solution

01

Step. 1 Given information

The median price of the home in the Northeast is $225,400.

After one month, the median price rose to $241,500.

02

Step. 2 Percentage calculation

The total increase in the median price of the home is : $241,500 - $225,400 = $16,100.

Now the percent increase will be calculated as follows:

=ChangeinthepriceOldpriceofthehome脳100%=16,100224,500脳100%=0.071428...脳100%=7.1428.....%Afterroundingittothetenthplaceofdecimal,=7.1%

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