A house had an original value of $80,000. After 2 years, the new value became $120,000. Find the ration, as a fraction in simplest form, of the increase in value to the original value.
I have the answer to the above question. I would like it to be explained in detail to me.
What answer do you have?
1/2 is the answer I have.
120,000 - 80,000 = 40,000
40,000/80,000 = 1/2
Thank you for helping me to understand the solution to the problem! Have a good evening!:)
You're welcome, Sandra. You have a great evening, too!
To find the ratio of the increase in value to the original value, we need to calculate the difference between the new value and the original value, and then divide it by the original value.
The increase in value is calculated by subtracting the original value from the new value: $120,000 - $80,000 = $40,000.
Now, we divide the increase in value by the original value: $40,000 / $80,000.
To simplify the fraction, we can divide both the numerator and denominator by their greatest common divisor, which is 40,000 in this case.
$40,000 ÷ 40,000 = 1
$80,000 ÷ 40,000 = 2
Therefore, the simplified fraction of the increase in value to the original value is 1/2.