The fair market rental rate for Terre Haute is $678 and for Evansville is $721. The relative change to compare Terre Haute to Evansville is ____%.
(721-678)/678 = 0.0634 = 6.34%
To calculate the relative change in fair market rental rate to compare Terre Haute to Evansville, we can use the following formula:
Relative Change = ((New Value - Old Value) / Old Value) * 100
First, let's determine the new value and old value:
For Terre Haute:
Old Value = $678
For Evansville:
New Value = $721
Now, let's substitute the values into the formula:
Relative Change = (($721 - $678) / $678) * 100
Relative Change = ($43 / $678) * 100
Relative Change = 0.0635 * 100
Relative Change = 6.35%
Therefore, the relative change in fair market rental rate to compare Terre Haute to Evansville is approximately 6.35%.
To calculate the relative change between Terre Haute and Evansville, we need to find the percentage change.
The formula to calculate the percentage change is:
Percentage change = (New Value - Old Value) / Old Value * 100
In this case:
Terre Haute's fair market rental rate is $678 (Old Value).
Evansville's fair market rental rate is $721 (New Value).
Now we can plug these values into the formula:
Percentage change = ($721 - $678) / $678 * 100
Simplifying the formula:
Percentage change = $43 / $678 * 100
Calculating the value:
Percentage change ≈ 0.0634 * 100 ≈ 6.34%
To compare Terre Haute to Evansville, the relative change is approximately 6.34%.