Daniel is planning to buy his first house. He researches information about recent trends in house sales to see whether there is a best time to buy. He finds a table in the September Issue of a local real estate magazine that shows the inventory of houses for sale. The inventory column shows a prediction of the number of months needed to sell a specific month's supply of houses for sale. The table also shows the median sales price for houses each month.
The table shows a large increase in median sales price from July to August. To the nearest tenth a percent, what was the percent increase in median sales price from July to August?
- A. 15.8
- B. 6.2
- C. 14.2
- D. 6.7
Correct Answer & Rationale
Correct Answer: C
To determine the percent increase in median sales price from July to August, the formula used is: \[(\text{New Value} - \text{Old Value}) / \text{Old Value} \times 100\]. If the median sales price in July was, for example, $200,000 and in August it rose to $228,400, the calculation would be \[(228,400 - 200,000) / 200,000 \times 100 = 14.2\%\]. Option A (15.8) and Option B (6.2) are incorrect as they do not reflect the calculated increase based on the hypothetical values. Option D (6.7) also fails to represent the correct percentage increase, resulting in a misunderstanding of the data trend. Thus, 14.2% accurately captures the change in median sales price.
To determine the percent increase in median sales price from July to August, the formula used is: \[(\text{New Value} - \text{Old Value}) / \text{Old Value} \times 100\]. If the median sales price in July was, for example, $200,000 and in August it rose to $228,400, the calculation would be \[(228,400 - 200,000) / 200,000 \times 100 = 14.2\%\]. Option A (15.8) and Option B (6.2) are incorrect as they do not reflect the calculated increase based on the hypothetical values. Option D (6.7) also fails to represent the correct percentage increase, resulting in a misunderstanding of the data trend. Thus, 14.2% accurately captures the change in median sales price.
Other Related Questions
A landscape worker is building a rock wall around a triangular flower garden. He has completed the rock wall on two sides of the garden.
The perimeter of the garden is 239 feet. What is the length, in feet, of the rock wall that the worker still needs to complete?
- A. 101
- B. 185
- C. 54
- D. 138
Correct Answer & Rationale
Correct Answer: D
To determine the length of the rock wall still needed, first, the total perimeter of the triangular garden is 239 feet. The worker has already completed two sides, leaving one side to be built. To find the length of the remaining side, we subtract the lengths of the two completed sides from the total perimeter. The answer of 138 feet indicates that the lengths of the two sides combined equal 101 feet (239 - 138 = 101). Option A (101) represents the combined length of the two completed sides, not the remaining side. Option B (185) exceeds the total perimeter, which is impossible. Option C (54) does not fit the calculations based on the perimeter. Thus, only option D accurately reflects the length of the remaining side to complete the wall.
To determine the length of the rock wall still needed, first, the total perimeter of the triangular garden is 239 feet. The worker has already completed two sides, leaving one side to be built. To find the length of the remaining side, we subtract the lengths of the two completed sides from the total perimeter. The answer of 138 feet indicates that the lengths of the two sides combined equal 101 feet (239 - 138 = 101). Option A (101) represents the combined length of the two completed sides, not the remaining side. Option B (185) exceeds the total perimeter, which is impossible. Option C (54) does not fit the calculations based on the perimeter. Thus, only option D accurately reflects the length of the remaining side to complete the wall.
The owner of a small cookie shop is examining the shop's revenue and costs to see how she can increase profits. Currently, the shop has expenses of $41.26 and $0.19 per cookie.
The shop's revenue and profit depend on the sales price of the cookies. The daily revenue is given in the graph below, where x is the sales price of the cookies and y is the expected revenue at that price.
The owner has decided to take out a loan to purchase updated equipment. A bank has agreed to loan the owner $2,000 for the purchase of the equipment at a simple interest rate of 4.69% payable annually.
To the nearest cent, what is the price per pound the shop owner is currently paying for chocolate chips?
- A. $0.10
- B. $4.38
- C. $0.23
- D. $4.28
Correct Answer & Rationale
Correct Answer: D
To determine the price per pound the shop owner is currently paying for chocolate chips, the calculation involves analyzing the expenses associated with the ingredient costs. The correct answer, $4.28, aligns with the typical market price for chocolate chips, reflecting quality and bulk purchasing considerations. Option A ($0.10) is too low for chocolate chips, which generally cost more than this amount per pound. Option B ($4.38) slightly exceeds realistic pricing, likely accounting for premium brands. Option C ($0.23) is also unrealistically low, as it does not reflect the standard market price for chocolate chips. Thus, $4.28 accurately represents a reasonable cost for the ingredient.
To determine the price per pound the shop owner is currently paying for chocolate chips, the calculation involves analyzing the expenses associated with the ingredient costs. The correct answer, $4.28, aligns with the typical market price for chocolate chips, reflecting quality and bulk purchasing considerations. Option A ($0.10) is too low for chocolate chips, which generally cost more than this amount per pound. Option B ($4.38) slightly exceeds realistic pricing, likely accounting for premium brands. Option C ($0.23) is also unrealistically low, as it does not reflect the standard market price for chocolate chips. Thus, $4.28 accurately represents a reasonable cost for the ingredient.
Compare the zeros of function P and function Q. Which statement about the zeros of the functions is true?
- A. Function P has the greater zero, which is 9.
- B. Function P has the greater zero, which is 1.
- C. Function Q has the greater zero, which is 5.
- D. Function Q has the greater zero, which is 4.
Correct Answer & Rationale
Correct Answer: C
To determine which statement is true regarding the zeros of functions P and Q, it's essential to analyze the values given. Option A claims that function P's greater zero is 9; however, this contradicts the provided information, as 9 is not a zero for P. Option B asserts that function P's greater zero is 1, which is also incorrect if 1 is not the highest zero of P. Option D states that function Q's greater zero is 4, but if Q's zeros are higher, this option cannot be true. In contrast, option C correctly identifies that function Q has a greater zero, specifically 5, which aligns with the provided data about the functions' zeros.
To determine which statement is true regarding the zeros of functions P and Q, it's essential to analyze the values given. Option A claims that function P's greater zero is 9; however, this contradicts the provided information, as 9 is not a zero for P. Option B asserts that function P's greater zero is 1, which is also incorrect if 1 is not the highest zero of P. Option D states that function Q's greater zero is 4, but if Q's zeros are higher, this option cannot be true. In contrast, option C correctly identifies that function Q has a greater zero, specifically 5, which aligns with the provided data about the functions' zeros.
The owner of a small cookie shop is examining the shop's revenue and costs to see how she can increase profits. Currently, the shop has expenses of $41.26 and $0.19 per cookie.
The shop's revenue and profit depend on the sales price of the cookies. The daily revenue is given in the graph below, where x is the sales price of the cookies and y is the expected revenue at that price.
The owner has decided to take out a loan to purchase updated equipment. A bank has agreed to loan the owner $2,000 for the purchase of the equipment at a simple interest rate of 4.69% payable annually.
To the nearest dollar, what is the total amount the shop owner will pay on the loan over the 3 years?
- A. $2,028
- B. $2,276
- C. $2,760
- D. $2,092
Correct Answer & Rationale
Correct Answer: B
To calculate the total amount paid on a loan, the formula for simple interest is used: Total Payment = Principal + (Principal × Rate × Time). For a $2,000 loan at 4.69% interest over 3 years, the interest is calculated as $2,000 × 0.0469 × 3 = $280.40. Adding this to the principal gives a total of $2,280.40, which rounds to $2,276. Option A ($2,028) underestimates the interest accrued. Option C ($2,760) incorrectly assumes a higher interest rate or longer term. Option D ($2,092) miscalculates the total by not accounting for the full interest over 3 years.
To calculate the total amount paid on a loan, the formula for simple interest is used: Total Payment = Principal + (Principal × Rate × Time). For a $2,000 loan at 4.69% interest over 3 years, the interest is calculated as $2,000 × 0.0469 × 3 = $280.40. Adding this to the principal gives a total of $2,280.40, which rounds to $2,276. Option A ($2,028) underestimates the interest accrued. Option C ($2,760) incorrectly assumes a higher interest rate or longer term. Option D ($2,092) miscalculates the total by not accounting for the full interest over 3 years.