the value of a house has grown from $260,000 at the beginning of last year to $283,500 now. find the change…

the value of a house has grown from $260,000 at the beginning of last year to $283,500 now. find the change and relative change in this value. write the relative change as both a decimal and a percentage. part 0 / 2 part 1 of 2 the change in price is $

the value of a house has grown from $260,000 at the beginning of last year to $283,500 now. find the change and relative change in this value. write the relative change as both a decimal and a percentage. part 0 / 2 part 1 of 2 the change in price is $

Answer

Explanation:

Step1: Calculate the change in price

The change in price is the final price minus the initial price. Let the initial price $P_1 = 260000$ and the final price $P_2=283500$. The change $\Delta P=P_2 - P_1$. $\Delta P=283500 - 260000=23500$

Step2: Calculate the relative change as a decimal

The relative change as a decimal $r$ is given by the formula $r=\frac{\Delta P}{P_1}$. $r=\frac{23500}{260000}\approx0.0904$

Step3: Calculate the relative change as a percentage

To convert the relative - change as a decimal to a percentage, we multiply by 100. The relative change as a percentage $R = r\times100$. $R = 0.0904\times100 = 9.04%$

Answer:

The change in price is $$23500$. The relative change as a decimal is approximately $0.0904$ and as a percentage is $9.04%$.