Edward bought his house for £230,000.He has just sold it for £301,300.Work out the percentage increase in price.
Question
Edward bought his house for £230,000.
He has just sold it for £301,300.
Work out the percentage increase in price.
Solution
Sure, here are the steps to calculate the percentage increase:
Step 1: Find the increase in price. This is done by subtracting the original price from the selling price.
£301,300 (selling price) - £230,000 (original price) = £71,300 (increase)
Step 2: Next, divide the increase by the original price.
£71,300 (increase) ÷ £230,000 (original price) = 0.31
Step 3: Finally, multiply the result by 100 to get the percentage increase.
0.31 x 100 = 31%
So, the percentage increase in the price of the house is 31%.
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