A few years ago, Sarah acquired a parcel of land valued at $11,200$11,200. Today, that same parcel of land has a value of $12,096$12,096. Find the percent increase in the property's value. Round your answer to the nearest hundredth, if necessar
Question
A few years ago, Sarah acquired a parcel of land valued at 11,200. Today, that same parcel of land has a value of 12,096. Find the percent increase in the property's value. Round your answer to the nearest hundredth, if necessar
Solution
To find the percent increase in the property's value, follow these steps:
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First, find the increase in the value of the land by subtracting the original value from the current value. So, 11,200 = $896.
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Next, divide the increase by the original value to find the decimal form of the increase. So, 11,200 = 0.08.
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Finally, multiply the decimal by 100 to find the percent increase. So, 0.08 x 100 = 8%.
Therefore, the percent increase in the property's value is 8%.
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