Question
The median size of a new singlefamily home grew from \( 2008 \mathrm{ft}^{2} \) in 1996 to \( 2422 \mathrm{ft}^{2} \) in 2007 . What is the percent of increase? The percent of increase is about \( \square \% \). (Simplify your answer. Type an integer or a decimal rounded to the nearest tenth.)
Ask by Lowe Gonzalez. in the United States
Feb 26,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
The median size increased by about 20.6%.
Solution
To find the percent increase, use the formula:
Percent Increase = [(New Value – Old Value) / Old Value] × 100.
Here, the new value is 2422 ft² and the old value is 2008 ft².
Step 1: Find the difference:
2422 − 2008 = 414.
Step 2: Divide the difference by the old value:
414 ÷ 2008 ≈ 0.206.
Step 3: Convert to a percentage:
0.206 × 100 ≈ 20.6%.
So, the median size increased by about 20.6%.
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Simplify this solution Mind Expander
To find the percent of increase, you can use the formula: \[ \text{Percent Increase} = \left( \frac{\text{New Value} - \text{Old Value}}{\text{Old Value}} \right) \times 100 \] In this case, the old value is \( 2008 \text{ft}^2 \) and the new value is \( 2422 \text{ft}^2 \). \[ \text{Percent Increase} = \left( \frac{2422 - 2008}{2008} \right) \times 100 = \left( \frac{414}{2008} \right) \times 100 \approx 20.6\% \] So, the percent of increase is about \( 20.6\% \).
