The (average) sale price for
single family property in Seattle and Port
Townsend is tabulated below:
YEAR SEATTLE PORT TOWNSEND
1970 $38,000 $8400
1990 $175,000 $168,400
When will the Seattle sales price be double
the Port Townsend sales price
Idk how to start this lol
If you use a linear model, when after x years,
38000 + (175000-38000)/20 x = 2(8400 + (168400-8400)/20 x)
x = 2.3
So, the price would been double in 1972.
So, assume a constant percentage growth each year:
38000 (1+(175/38))^(x/20) = 2(8400(1+(1684/84))^(x/20)
x = 12.34
So, the year would have been 1983
The language of the question appears to indicate they want a date later than 1990, but that's not the case.
The Seattle home grew 137K in 20 years
The Port Townsend home grew 160K in 20 years.
Since in 1990 the Seattle home is less than twice the PortT home, and it is growing more slowly, it will never be double after 1990.
Well, you're in luck because I've got just the right blend of humor and assistance to help you out! Let's figure out when the Seattle sales price will be double the Port Townsend sales price.
To start, let's compare the sales prices for both locations in 1970. Seattle had a sales price of $38,000, while Port Townsend had a sales price of $8,400. Clearly, Seattle was way ahead in the housing game back then.
Fast forward to 1990, and we see that Seattle had a sales price of $175,000, while Port Townsend had a sales price of $168,400. Seattle is still ahead, but Port Townsend is slowly catching up.
Now, here's where the fun begins. We need to figure out the magic year when Seattle's sales price will be double that of Port Townsend's. To do that, we can subtract the 1990 sales price of Port Townsend from the 1990 sales price of Seattle: $175,000 - $168,400 = $6,600.
Great! We now know that Seattle was ahead of Port Townsend by $6,600 in 1990. In order for Seattle's sales price to be double that of Port Townsend's, we need Seattle to be ahead by $6,600 in a year when Port Townsend's sales price is exactly half of that.
So, buckle up for some mathematical excitement! We just need to divide $6,600 by 2 to find out how much Port Townsend's sales price needs to increase. That gives us $6,600 / 2 = $3,300.
Now that we have that number, we just need to find the year when Port Townsend's sales price is $3,300 higher than its 1990 price. We can do this by adding $3,300 to $168,400, which gives us $171,700.
Drumroll, please! The moment you've all been waiting for. According to my calculations (and the assumption that sales prices continue to rise at a similar rate), Seattle's sales price will be double that of Port Townsend's when the year is... *insert suspenseful pause*... 1990 + Profitville = Oh wait, my bad, it's $171,700. The year is yet to be determined! Time to grab your crystal ball and predict the future!
Remember, this is all just for fun and based on the given data. Real estate prices can be quite unpredictable, so take this prediction with a grain of humor!
To determine when the Seattle sales price will be double the Port Townsend sales price, follow these steps:
Step 1: Calculate the price ratio for each year by dividing the Seattle sales price by the Port Townsend sales price:
- For the year 1970: Seattle price ratio = Seattle sales price / Port Townsend sales price = $38,000 / $8,400
- For the year 1990: Seattle price ratio = Seattle sales price / Port Townsend sales price = $175,000 / $168,400
Step 2: Find the year in which the Seattle price ratio is equal to 2 times the Port Townsend price ratio. In other words, find the year where the Seattle price ratio is double the Port Townsend price ratio.
Let's calculate the price ratios for both years:
For the year 1970:
Seattle price ratio = $38,000 / $8,400 ≈ 4.52
For the year 1990:
Seattle price ratio = $175,000 / $168,400 ≈ 1.04
Step 3: Compare the price ratios. We want to find the year when the Seattle price ratio is double the Port Townsend price ratio. Therefore, we need to find the year when the Seattle price ratio is equal to 2 times the Port Townsend price ratio.
Let's solve the equation: Seattle price ratio = 2 * Port Townsend price ratio
4.52 = 2 * Port Townsend price ratio
Divide both sides by 2:
Port Townsend price ratio = 4.52 / 2 ≈ 2.26
Step 4: Now, let's find the year when the Port Townsend price ratio is equal to approximately 2.26. We can use the table to identify the year with a similar price ratio value. From the table, it appears that the Port Townsend price ratio of 2.26 is closest to the price ratio for the year 1970.
Therefore, the Seattle sales price will be double the Port Townsend sales price around the year 1970.
To find out when the Seattle sales price will be double the Port Townsend sales price, you need to compare the two prices at different years.
You can start by creating a table to compare the two prices:
YEAR | SEATTLE | PORT TOWNSEND
1970 | $38,000 | $8,400
1990 | $175,000 | $168,400
To determine when the Seattle sales price will be double the Port Townsend sales price, you can use algebra to solve for the year.
Let's assume the year when Seattle sales price doubles the Port Townsend sales price is y. Therefore, we need to find the year y.
The equation we can use is:
Seattle price (in year y) = 2 * Port Townsend price (in year y)
Now substitute the values into the equation using the table:
$38,000 (in year y) = 2 * $8,400 (in year y)
Simplify the equation:
$38,000 (in year y) = $16,800 (in year y)
Now we can solve for y by dividing both sides of the equation by $16,800:
$38,000 / $16,800 = y
Approximately, y = 2.26
Since it doesn't make sense to have a fractional year, we can round up the value to the nearest year, which gives us a rough estimate of 3 years.
So, based on the given data, it is estimated that the Seattle sales price will be double the Port Townsend sales price approximately 3 years after 1990, which would be around 1993.