The number of housing foreclosures in 2009 was 3.98 million up 81% over 2007. what was the relative change? and Which year is the reference year? and there were 2.98 million foreclosures in which year? Also How many foreclosures were there in 2007? Please Help.
F + 0.81F = 3.98 million.
F = 2.199 million in 2007.
Change = 3.98 - 2.199 = 1.78 Million.
Year 2007 = Reference year.
To calculate the relative change in the number of housing foreclosures, we need to find the percentage increase between two years. The formula to calculate relative change is:
Relative Change = (New Value - Old Value) / Old Value * 100%
In this case, the old value is the number of foreclosures in 2007, and the new value is the number of foreclosures in 2009.
1. Calculate the relative change:
Relative Change = (3.98 million - X) / X * 100% = 81%
We need to solve for X, the number of foreclosures in 2007.
2. Rearrange the equation:
(3.98 million - X) / X = (81 / 100)
3. Cross multiply:
3.98 million - X = (81 / 100) * X
4. Distribute:
3.98 million = (81 / 100) * X + X
5. Simplify:
3.98 million = (81 / 100 + 1) * X
6. Find the common denominator:
3.98 million = (81 + 100) / 100 * X
7. Simplify:
3.98 million = (181 / 100) * X
8. Divide by (181 / 100):
X = (3.98 million / (181 / 100))
Now, we can calculate the number of foreclosures in 2007.
9. Calculate the number of foreclosures in 2007:
X = (3.98 million / (181 / 100))
To find the reference year, we need to determine the starting point for the relative change calculation. In this case, the reference year is 2007 since we are comparing the change between 2007 and 2009.
10. The reference year is 2007.
Finally, looking at the given information, we know that there were 2.98 million foreclosures in a certain year. We need to determine which year this refers to.
11. The year with 2.98 million foreclosures is not specified in the given information. Please provide more context or information to determine the specific year.
With the given information, we can calculate the number of foreclosures in 2007, but we cannot determine the year with 2.98 million foreclosures without additional context.