SOLUTION: A house was purchased for $80,000 in 1991. In 2002 the same home sold for $104,000. What was the percent of increase in the price of the home?

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Question 75870: A house was purchased for $80,000 in 1991. In 2002 the same home sold for $104,000. What was the percent of increase in the price of the home?
Answer by tutorcecilia(2152) About Me  (Show Source):
You can put this solution on YOUR website!
Use the formula for percent increase:
(New amount) - (Old amount)/(Old amount) x 100%
(104,000-80,000)/80,000 x 100% = 30% [Plug-in the values]
.
Checking: 80,000 X 30% = 80,000 x .30 = 24,000
80,000 + 24,000 = 104,000 [checks out]