Answer:
The price to rent ratio calculated is 13.6.
Explanation:
As per the stated question,
the house in florida was priced at $155,000 and
the rent that was comparable houses was $950 per month.
The house rent for a year can be calculated as 950 x 12 = 11400
Henceforth, the formulae for price to rent ratio was given as
[tex]\text { rent ratio }=\frac{\text { median home price }}{\text { median home rent }}[/tex]
= [tex]\frac{155000}{950 \times 12}=\frac{155000}{11400}=13.6[/tex]
therefore the price to rent ratio is 13.6
