According the the U.S. Census Bureau, in 2007 the average price of a new home in the
U.S. was $314,000. By 2008, the price had dropped by 13.1%. What was the average price
of a new home in 2008? (Type you answer below as a whole number)
Could someone please help me find the answer I’m stuck thank you.
$314000 * (1 - .131) = ?
Is this correct? 272 866
To find the average price of a new home in 2008, we need to subtract 13.1% from the average price in 2007 ($314,000).
Let's do the calculation step-by-step:
Step 1: Calculate 13.1% of $314,000:
13.1/100 * 314,000 = $41,134
Step 2: Subtract the calculated value from the average price in 2007:
$314,000 - $41,134 = $272,866
Therefore, the average price of a new home in 2008 was $272,866.
To find the average price of a new home in 2008, we need to subtract 13.1% from the average price in 2007.
Step 1: Calculate the amount of the price drop
To find the amount, we multiply 13.1% by the average price in 2007.
Amount of price drop = 13.1% * $314,000
Step 2: Subtract the amount of the price drop from the average price in 2007
To find the average price in 2008, we subtract the amount of the price drop from the average price in 2007.
Average price in 2008 = Average price in 2007 - Amount of price drop
Now, let's calculate the answer.
Amount of price drop = 13.1% * $314,000 = 0.131 * $314,000 = $41,134
Average price in 2008 = $314,000 - $41,134 = $272,866
Therefore, the average price of a new home in 2008 was $272,866.