Answer :
The required average price of the new home in 2000 was $310798.12. using the concept of percentage -
What is percentage?
Percentage is a measurement to find value of given number out of hundred.
Given that,
The average price of new home in 2016 = $662,000.
Since,
The price increased by 113% and from 2000 to 2016,
So the increased price in percentage = 100 + 113 = 213%.
Let the initial price of new home was x which is 100%.
According to given conditions,
213 % = 662,000
1 % = 662000/213
1 % = 3107.9812
100 % = 310798.12
The average price of the new home in 2000 was $310798.12.
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