SOLUTION: The current median home price is $278880, which is 12% higher than last year�s median home price. What was last year�s median home price?

Question 1093645: The current median home price is $278880, which is 12% higher than last year�s median home price. What was last year�s median home price?
Found 2 solutions by stanbon, greenestamps:
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
The current median home price is $278880, which is 12% higher than last year�s median home price. What was last year�s median home price?
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last year = 278880-0.12%(278880) = 0.88(278880) = 245414.4
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Cheers,
Stan H.
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Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!

Well... that first response was not right. If a measurement increased by 12% from a previous value, you can't just subtract 12% of the new value to get the old value. That's because 12% of the new value is more than 12% of the old value. If you do the calculation that way, you will be subtracting too much from the current value, so your answer will be too low.

So let's do this the right way.

The new value is 12% higher than the old value:

The new value (current median home price) is 278880:

The median home price last year was $249,000.
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