Question

According to a certain central bank from 2000 to 2016 the average price of a new home in a certain region increased by 62 % to $470 thousand. What was the average price of a new home in 2000h The average price of a new home in 2000 was $ (Do not round until the final answer. Then round to the nearest thousand as needed)

Answer 1

Answer:  $ 290 thousand

Step-by-step explanation:

Given : According to a certain central bank from 2000 to 2016 the average price of a new home in a certain region increased by 62 % to $470 thousand.

Let X be the the average price of a new home in 2000 .

Then , the 62 % increase in price is given by :-

$x+0.62(x)=x(1+0.62)=1.62x$

Since , the the average price of the home in 2016 = $470 thosand

$1.62x=470\\\\\Rightarrow\ x=\dfrac{470}{1.62}=290.12345679\approx290$

Hence, the average price of a new home in 2000 =  $ 290 thousand .

Answer 2

The average price of a new house in 2000 is approximately 290,124 dollars.

What is the percentage?

The amount of something is expressed as if it is a part of the total which is a hundred. The ratio can be expressed as a fraction of 100. The word percent means per 100. It is represented by the symbol ‘%’.

According to a certain central bank from 2000 to 2016 the average price of a new home in a certain region increased by 62 % to $470 thousand.

Let x be the average price of a new house in 2000. Then we have

$\rm x = \dfrac{Present \ price}{1+Increased\ rate}\\\\\\x = \dfrac{470000}{1+0.62}\\\\\\x = \dfrac{470000}{1.62}\\\\\\x = 290123.4568 \approx 290124$

Thus, the average price of a new house in 2000 is 290,124 dollars.

More about the percentage link is given below.

https://brainly.com/question/8011401