Question

Home prices have dropped 5.19 percent in the last 3 years. and average home in. orlando 3 years ago was $260,000. what's the average home price now? home prices have dropped 5.19 percent in the last 3 years. and average home in. orlando 3 years ago was $260,000. what's the average home price now?

Answer 1

Answer: $246506

Explanation:
For this problem, we will simply take the starting home value and multiply it by 100% - 5.19% to get the current market value. The reason we do this is because we assume that the $260000 is at 100% but we lost 5.19% of the value.

Value = (100% - 5.19%) * $260000
Value = (94.81%) * $260000
Value = .9481 * $260000
Value = $246506

So the new average price is $246506.

Cheers.