The Vancouver Real Estate Board stated that the average house price was $405,000 this year; an 8% increase over the same time last year. Determine the average house price last year.
A) 355,000
B) 365,000
C) 375,000
D) 385,000
E) 395,000

Question

Quizplus · Accepted Answer

To find last year's average house price, divide this year's price by 1.08 (since it increased by 8%). $405,000 / 1.08 = $375,000.

The Vancouver Real Estate Board Stated That the Average House