A house has increased in value by 38%

since it was purchased. If the current value is $483,000
, what was the value when it was purchased?

Solve for x.

is that the answer

To find the value of the house when it was purchased, we need to reverse the 38% increase. Here's how you can calculate it:

1. Start with the current value of the house, which is $483,000.
2. Subtract the percentage increase from the current value to get the original value.
- To find the original value, subtract the increase from 100%: 100% - 38% = 62%.

Using this information, we can set up the following equation:

Original Value = Current Value / (1 + Percentage Increase/100)

Plugging in the values:

Original Value = $483,000 / (1 + 38/100)
Original Value = $483,000 / (1 + 0.38)
Original Value = $483,000 / 1.38
Original Value = $350,000

Therefore, the value of the house when it was purchased was $350,000.

1.38x = 483,000