Question

According to a certain central bank from 2000 to 2016 the average price of a new home in a certain region increased by 62 % to $470 thousand. What was the average price of a new home in 2000h The average price of a new home in 2000 was $ (Do not round until the final answer. Then round to the nearest thousand as needed)

Answer 1

Answer:  $ 290 thousand

Step-by-step explanation:

Given : According to a certain central bank from 2000 to 2016 the average price of a new home in a certain region increased by 62 % to $470 thousand.

Let X be the the average price of a new home in 2000 .

Then , the 62 % increase in price is given by :-

$x+0.62(x)=x(1+0.62)=1.62x$

Since , the the average price of the home in 2016 = $470 thosand

$1.62x=470\\\\\Rightarrow\ x=\dfrac{470}{1.62}=290.12345679\approx290$

Hence, the average price of a new home in 2000 =  $ 290 thousand .