According to the Census Bureau, in October 2016, the average house price in the United States...

Question

Question

According to the Census Bureau, in October 2016, the average house price in the United States was $27,258. 8 years earlier, t

business finance

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

The annual increase in the price is computed as shown below:

= ( October, 2016 price / 8 years earlier price )^{1
/ n} - 1

= ( $ 27,258 / $ 22,108 )^{1 / 8} - 1

= 2.65% Approximately

Feel free to ask in case of any query relating to this question

Add a comment

Answer 2

Similar Homework Help Questions

According to the Census Bureau, in October 2016, the average house price in the United States...

According to the Census Bureau, in October 2016, the average house price in the United States was $27,458. 5 years earlier, the average price was $22,508. What was the annual increase in the price of the average house sold? Multiple Choice 3.65% 4.87% -3.90% 4.46% 4.06%
According to the Census Bureau, in October 2016, the average house price in the United States...

According to the Census Bureau, in October 2016, the average house price in the United States was $28,558. 5 years earlier, the average price was $22,008. What was the annual increase in the price of the average house sold? Multiple Choice 5.88% 4.81% -5.08% 5.35% 6.42%
The mean household income in the United States in 2014, according to the US Census Bureau,...

The mean household income in the United States in 2014, according to the US Census Bureau, was $72,641, or $20,702 (39.86%) higher than the median household income ($51,939). What can you conclude, based on the difference between the mean and median household income, about the distribution of household income?

Question 11 (12 points) According to the U.S. Census Bureau, the population of the United States...

Question 11 (12 points) According to the U.S. Census Bureau, the population of the United States in 2008 was 304 million people. In addition, the population of the United States was growing at a rate of 1.1% per year. Assuming this growth rate is continues, the model P(t) = 304(1.011)' 2009 represents the population P (in millions of people) in year t. According to the model, when will the population be 453 million people? Year Be sure to round your...
In early 2001, the United States Census Bureau started releasing the results of the latest census....

In early 2001, the United States Census Bureau started releasing the results of the latest census. Among many other pieces of information, the bureau recoded the race or ethnicity of the residents of every county in every state. From these results the bureau calculated a 'diversity index,' which measures the probability that two people chosen at random are of different races or ethnicities. The census determined that in a county in Wisconsin, 85% of its residents are white, 7% are...
--- According to the U.S. Census Bureau, 11% of children in the United States lived with...

--- According to the U.S. Census Bureau, 11% of children in the United States lived with at least one grandparent in 2009 (USA TODAY, June 30, 2011). Suppose that in a recent sample of 1570 children, 236 were found to be living with at least one grandparent. At a 2.5% significance level, can you conclude that the proportion of all children in the United States who currently live with at least one grandparent is higher than 11%? Use both the...

According to the United States Census Bureau, 90% of Americans over the age of 25 have...

According to the United States Census Bureau, 90% of Americans over the age of 25 have finished high school. This is the highest proportion that has even been recorded! Suppose that in a random sample of 500 Americans over the age of 25, 462 finished high school. a. Fill in the following information: p= __________ p^=__________ n =__________ b.True or False: p^ is an example of a parameter. c. Calculate the standard error. Round your answer to 3 decimal places....
According to the U.S. Census Bureau, 11% of children in the United States lived with at...

According to the U.S. Census Bureau, 11% of children in the United States lived with at least one grandparent in 2009 (USA TODAY, June 30, 2011). Suppose that in a recent sample of 1560 children, 249 were found to be living with at least one grandparent. At a 1% significance level, can you conclude that the proportion of all children in the United States who currently live with at least one grandparent is higher than 11%? Use both the p-value...
Assume the average vehicle selling price in the United States last year was $36,420. The average...

Assume the average vehicle selling price in the United States last year was $36,420. The average price five years earlier was $31,208. What was the annual increase in the selling price over this time period? Multiple Choice 3.14 percent 3.01 percent 2.56 percent 2.89 percent 1.67 percent

The United States Bureau of Labor Statistics (BLS) conducts the Quarterly Census of Employment and Wages (QCEW) and repo...

The United States Bureau of Labor Statistics (BLS) conducts the Quarterly Census of Employment and Wages (QCEW) and reports a variety of information on each county in America. In the third quarter of 2016, the QCEW reported the total taxable earnings, in millions, of all wage earners in all 3222 counties in America. Suppose that James is an economist who collects a simple random sample of the total taxable earnings of workers in 52 American counties during the third quarter...

According to the Census Bureau, in October 2016, the average house price in the United States...

Homework Answers