The selling price of a house dropped from 250,000 to 210,000 over a period of 5 years. By what percentage did the selling price decrease?
To calculate the percentage decrease in selling price, first find the difference between the initial price and final price:
250,000 - 210,000 = 40,000
Next, calculate the percentage decrease by dividing the decrease by the initial price and multiplying by 100:
40,000 / 250,000 = 0.16
0.16 x 100 = 16%
Therefore, the selling price of the house decreased by 16% over the 5-year period.