The value of a house has grown from $290,000 at the beginning of last year to $315,500 now. Find the change andrelative change in this value. Write the relative change as both a decimal and a percentage.Part: 0 / 2Part 1 of 2The change in price is $.

Answered: The value of a house has grown from…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

The value of a house has grown from $290,000 at the beginning of last year to $315,500 now. Find the change and
relative change in this value. Write the relative change as both a decimal and a percentage.
Part: 0 / 2
Part 1 of 2
The change in price is $.

Expert Solution

Step 1

What is Change and Relative Change in Value:

When comparing two values, the relative change formula determines the relative difference or change while accounting for the "sizes" of the objects being compared. The comparison is a unitless number that is stated as a ratio. The absolute change's magnitude compared to the reference value is expressed as a fraction known as the relative change. These ratios can be stated as percentages by multiplying them by 100, which changes the terminology.

Given:

It is given that the value of a house has grown from $290,000 to $315,500.

To Determine:

We determine the change in value and the relative change in value.