Assume that in january 2013, the average house price in a particular area was $276,400. in january 2002, the average price was $193,300. what was the annual increase in selling price?

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06-02-2018
Mathematics

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Assume that in january 2013, the average house price in a particular area was $276,400. in january 2002, the average price was $193,300. what was the annual increase in selling price?

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cillariley75 cillariley75 · Answer 1 · 2018-02-06T05:40:04+01:00

(Do not round intermediate calculations and round your final answer to 2 decimal places) Annual increase in selling price ℅ explanation: We can use either FV or the PV formula. Both will give the same answer since they are the inverse of each other. We will use the FV formula, that is: FV=PV (1 + r)t solving for r, we get: r = (FV/PV)1 / t - 1 r= ($276,400 / $193,300) 1/8 - 1 = 0.0457, or 4.57℅. Your answer is 4.57℅