Question

Mr. Bennett purchased a condo several years ago at a selling price of $329,550. Recently he had the condo appraised and it is now worth $184,548. By what percent did the value of the condo go down?

Answer 1

44%

Explanation:

Given that,

Initial price = $329,550.

Final price = $184,548

We need to find by what percent the value of the condo go down. The percent decrease or increase is givnen by the formula as follows :

`\%=\frac{\text{change in value}}{\text{initial value}}* 100\\\\=(329,550-184,548)/(329,550)* 100\\\\=44\%`

So, the value go down by 44%.