Question

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)

Answer 1

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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