Question

A house on the market was valued at $429,000. After several years, the value increased by 16%. By how much did the house's value increase in
dollars? What is the current value of the house?
Increase in value:
s0
se
Current house value

Answer 1

SOLUTION

Given the question in the image, the following are the solution steps to answer the question.

STEP 1: Write the given parameters

$\begin{gathered} Initial\text{ value=\ 429,000} \\ percentage\text{ of increment=16\%} \end{gathered}$

STEP 2: Calculate the amount by which the house increased in value

$\frac{16}{100}\times429000=68640$

The house's value increased by $68640

STEP 3: Calculate the current value of the house

$\begin{gathered} Current\text{ value=Initial value + Value of increment} \\ Current\text{ value}=429000+68640=497640 \end{gathered}$

The Current house's value is $497640