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%
D. 5.35%
r = (FV/PV)1/t – 1
r = ($28,558/$22,008)1/5 - 1
r = 0.0535 or 5.35%
According to the Census Bureau, in October 2016, the average house price in the United States...
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