Chapter SH, Problem 7.7MPS

(a)

To determine

To calculate:To find the percent of change in the homes sold and round to the nearest tenth

Answer to Problem 7.7MPS

Percent of change in homes sold is $4.9\%$

Explanation of Solution

Given information:The figure for home sales for $2013$ and $2014$ in Shore Country is

Formula used:

Percent of change is calculated as

  $\%change=\left|\frac{Originalnumber-Newnumber}{Originalnumber}\right|\times 100$

Calculation:

Number of homes sold in 2013 $=18328$

Number of homes sold in 2014 $=19226$

Percent of change is calculated as

  $\begin{array}{l}\%change=\left|\frac{18328-19226}{18328}\right|\times 100\\ \%change=\frac{898}{19328}\times 100\\ \%change=0.0489\times 100\\ \%change=4.89\%\\ \%change=4.9\%\end{array}$

Conclusion:

Hence, percent of change in homes sold is $4.9\%$

(b)

To determine

To calculate:To find the percent of change in the average selling price and round to the nearest tenth

Answer to Problem 7.7MPS

Percent of change in the average selling price sold is $0.6\%$

Explanation of Solution

Given information:The figure for home sales for $2013$ and $2014$ in Shore Country is

Formula used:

Percent of change is calculated as

  $\%change=\left|\frac{Originalnumber-Newnumber}{Originalnumber}\right|\times 100$

Calculation:

Average selling price in 2013 $=\$220988$

Average selling price in 2014 $=\$219748$

Percent of change is calculated as

  $\begin{array}{l}\%change=\left|\frac{220988-219748}{220988}\right|\times 100\\ \%change=\frac{1240}{220988}\times 100\\ \%change=0.0056\times 100\\ \%change=0.56\%\\ \%change=0.6\%\end{array}$

Conclusion:

Hence, percent of change in the average selling price sold is $0.6\%$