Housing prices in a particular county have increased by 27.5% over the price of houses five years ago. (a) If $280,000 was the average price of a house five years ago, what is the average price (in $) of a house today? (b) Economists predict that next year housing prices will drop by 5% in this area. Based on your answer from part (a), what will the average price (in $) of a house be next year?
Housing prices in a particular county have increased by 27.5% over the price of houses five years ago. (a) If $280,000 was the average price of a house five years ago, what is the average price (in $) of a house today? (b) Economists predict that next year housing prices will drop by 5% in this area. Based on your answer from part (a), what will the average price (in $) of a house be next year?
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
ChapterP: Prologue: Calculator Arithmetic
Section: Chapter Questions
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Housing prices in a particular county have increased by 27.5% over the price of houses five years ago.
(a) If $280,000 was the average price of a house five years ago, what is the average price (in $) of a house today?
(b) Economists predict that next year housing prices will drop by 5% in this area. Based on your answer from part (a), what will the average price (in $) of a house be next year?
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