Question

A piece of land was worth $63,710.1 last year. This year, the cost of land has increased by 12%. How much is the land worth now? Round to the nearest whole number.

Answer 1

$71,355

Explanation:

The value of the land was 100% of the value of the land.

The value went up by 12%. 100% + 12% = 112%. Now the value of the land is 112% of the original value.

112% of $63,710.1 = 1.12 × $63,710.1 = $71,355