A house has increased in value by 36% since it was purchased. If the current value is $578,000, what was the value when it was purchased?

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A house has increased in value by 36% since it was purchased. If the current value is $578,000, what was the value when it was purchased?

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Answer 1 · 2016-12-11T21:01:10

The value when it was purchased was $425,000

Explanation:

The formula for calculating the percent change over time is:

$p = \frac{N - O}{O} \cdot 100$ $p = (N - O)/O*100$ where $p$ $p$ is the percent change, $N$ $N$ is the New Value and $O$ $O$ is the Old Value. In this problem we are given $p$ $p$ (36) and the New Value ($578,000). We can substitute this into the formula and solve for $O$ $O$ :

$36 = \frac{578000 - O}{O} \cdot 100$ $36 = (578000 - O)/O * 100$

$\frac{36}{100} = \frac{578000 - O}{O} \cdot \frac{100}{100}$ $36/100 = (578000 - O)/O * 100/100$

$\frac{36}{100} = \frac{578000 - O}{O}$ $36/100 = (578000 - O)/O$

$\frac{36 \cdot O}{100} = O \frac{(578000 - O)}{O}$ $(36*O)/100 = O((578000 - O))/O$

$0.36*O = cancel(O)((578000 - O))/cancel(O)$

$0.36*O = 578000 - O$

$0.36*O + O = 578000 - O + O$

$1.36 O = 578000$

$(1.36 O)/1.36 = 578000/1.36$

$(cancel(1.36) O)/cancel(1.36) = 425000$

$O = 425000$

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A house has increased in value by 36% since it was purchased. If the current value is $578,000, what was the value when it was purchased?

1 Answer

Explanation:

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