a house has increased in value by 15% since it was purchased. if the current value is $322,000, what was the…

a house has increased in value by 15% since it was purchased. if the current value is $322,000, what was the value when it was purchased? explanation the value of the house has increased by 15% since it was purchased. so, the current value is 100% + 15%=115% of the value when purchased. current value = 115%×value when purchased the current value is $322,000. we get the following. 322,000 = 115%×value when purchased 322,000 = 1.15×value when purchased to find the value when purchased, we divide 322,000 by 1.15. value when purchased = 322,000 / 1.15 = 280,000 answer $280,000

a house has increased in value by 15% since it was purchased. if the current value is $322,000, what was the value when it was purchased? explanation the value of the house has increased by 15% since it was purchased. so, the current value is 100% + 15%=115% of the value when purchased. current value = 115%×value when purchased the current value is $322,000. we get the following. 322,000 = 115%×value when purchased 322,000 = 1.15×value when purchased to find the value when purchased, we divide 322,000 by 1.15. value when purchased = 322,000 / 1.15 = 280,000 answer $280,000

Answer

Explanation:

Step1: Set up the percentage - increase formula

Let the value when purchased be $x$. The current value is 115% of $x$ (since there is a 15% increase, 100%+15% = 115% or 1.15 in decimal form). We know that the current value is $322000$. So, $322000=1.15x$.

Step2: Solve for $x$

To find $x$, we divide both sides of the equation by 1.15. $x=\frac{322000}{1.15}$. $x = 280000$

Answer:

$280000$