Questions: Mort bought his house in 2004 for 339,000. It was recently appraised at 281,000. What is the approximate percent of decrease in value? The approximate percent of decrease in value is % (Round to the nearest percent as needed.)

Mort bought his house in 2004 for 339,000. It was recently appraised at 281,000. What is the approximate percent of decrease in value?

The approximate percent of decrease in value is % (Round to the nearest percent as needed.)

Transcript text: Mort bought his house in 2004 for $\$ 339,000$. It was recently appraised at $\$ 281,000$. What is the approximate percent of decrease in value? The approximate percent of decrease in value is $\square$ $\%$ (Round to the nearest percent as needed.)

Solution

Solution Steps

Step 1: Calculate the Decrease in Value

To find the decrease in value, subtract the new value from the original value:

\[ \text{Decrease} = 339,000 - 281,000 = 58,000 \]

Step 2: Calculate the Percent Decrease

The percent decrease is calculated by dividing the decrease by the original value and then multiplying by 100 to convert it to a percentage:

\[ \text{Percent Decrease} = \left(\frac{58,000}{339,000}\right) \times 100 \approx 17.1091\% \]

Step 3: Round to the Nearest Percent

Round the percent decrease to the nearest whole number:

\[ \text{Percent Decrease (Rounded)} = 17\% \]

Final Answer

The approximate percent of decrease in value is \(\boxed{17\%}\).

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