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kobusy [5.1K]
3 years ago
13

During a recent housing slump, the median price of homes decreased in the United States. If James bought his house for $360,000

and the value 1 year later was $253,800, compute the percent decrease in the value of the house.
If necessary, round to the nearest tenth of a percent.
Mathematics
1 answer:
Dahasolnce [82]3 years ago
4 0

Purchase price of the house = $360,000

Price of the house after 1 year = $253,800

Percent decrease in the value of the house = \frac{Purchase price of the house - Price of the house after 1 year}{Purchase price of the house} * 100

⇒ Percent decrease in the value of the house = \frac{360,000 - 253,800}{360,000} * 100

⇒ Percent decrease in the value of the house = \frac{106,200}{360,000} * 100

⇒ Percent decrease in the value of the house = 29.5%

Hence, the price of the house decreased by 29.5% over an year.

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