Question
A family originally bought a home for \( \$ 797,570 \). Now the home's value is \( 40 \% \) lower than that. What is the value of the home now?
Ask by Tucker Hamilton. in the United States
Feb 25,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
The home is now worth $478,542.
Solution
The original price of the home was $797,570. Since the home's value is now 40% lower, it has lost 40% of its original price.
First, calculate 40% of $797,570:
40% of $797,570 = 0.40 × 797,570 = $319,028.
Now, subtract that amount from the original price:
New value = Original price − Decrease = $797,570 − $319,028 = $478,542.
Thus, the current value of the home is $478,542.
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Simplify this solution Mind Expander
To determine the current value of the home, you first need to calculate what \( 40 \% \) of the original price is. Multiply \( \$ 797,570 \) by \( 0.40 \), which equals \( \$ 319,028 \). Now, subtract this amount from the original price: \( \$ 797,570 - \$ 319,028 = \$ 478,542 \). Therefore, the value of the home now is \( \$ 478,542 \). Think of it like this: if your home was a pizza and someone took away \( 40 \% \) of it, you would still have \( 60 \% \) left. That’s what’s happening here; the home's value has been sliced down, but you still have a substantial piece left!
