In 1980, the average price of a home in Brainerd County was $100,000. By 1986 the average price of a home was $112,000. What is the rate of change?
See a solution process below:
The formula for calculating the percent change in a value between two points in time is:
Substituting and solving for
Between 1980 and 1986 there was a 12% increase in the average price of a home.