Question

# In 1975 the price of a new house was \$48,273. In 2020 the price of a...

In 1975 the price of a new house was \$48,273. In 2020 the price of a new house is \$185,524. 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)

Price of House in 1975 = \$48,273

Price of House in 2020 = \$185,524

Calcualting the Increase in Price over the entire time:-

Percentage Increase in Price = (Price in 2020 - Price in 1975)/Price in 1975

= (\$185,524 - \$48,273)/\$48,273

= 284.32%

So, the price of housing increased over the entire time period in percentage terms is 284.32%

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