Housing prices in a particular county have increased by 27.5% over the price of houses five years ago. (a) If $220,000 was the average price of a house five years ago, what is the average price (in $) of a house today? $ (b) Economists predict that next year housing prices will drop by 5% in this area. Based on your answer from part (a), what will the average price (in $) of a house be next year? $

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.58TI: What is the total effect on the economy of a government tax rebate of $500 to each household in...
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Housing prices in a particular county have increased by 27.5% over the price of houses five years ago.
(a) If $220,000 was the average price of a house five years ago, what is the average price (in $) of a house today?
$
(b) Economists predict that next year housing prices will drop by 5% in this area. Based on your answer from part (a), what will
the average price (in $) of a house be next year?
Transcribed Image Text:........ ......... ...................... .................. Housing prices in a particular county have increased by 27.5% over the price of houses five years ago. (a) If $220,000 was the average price of a house five years ago, what is the average price (in $) of a house today? $ (b) Economists predict that next year housing prices will drop by 5% in this area. Based on your answer from part (a), what will the average price (in $) of a house be next year?
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