SOLUTION: The average home value in a neighborhood in Michigan dropped from $265,000 in 2007 to $248,000 in 2009. Predict the average home price in 2012.

Question 425883: The average home value in a neighborhood in Michigan dropped from $265,000 in 2007 to $248,000 in 2009. Predict the average home price in 2012.
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
the value of the home dropped $265,000 - $248,000 = $17000 in 2 years.
that's an average drop of $8,500 per year.

2012 - 1009 = 3 years.

in those 3 years, it will drop another $8,500 * 3 = $25,500.

that means the price in 2012 will be $248,000 - $25,500 = $222,500.

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