Question

In 1975 the price of a new house was $49,967. In 2020 the price of a new house is $177,134.

How much has the price of housing increased over the entire time period in percentage terms?

State your answer to two decimal places (e.g., 4.76)

Answer 1

Price of house in 1975 = $49,967

Price of House in 2020 = $177,134

Calculating the Increase in price of house over the entire period of time:-

Total Increase in Price = (Price of House in 2020 - Price of House in 1975)/Price of House in 1975

= ($177,134 - $49,967)/$49,967

= 254.50%

So, the price of housing increased over the entire time period is 254.50%

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