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At the start of 2014 Priya's house was worth £240000 - OCR - GCSE Maths - Question 17 - 2017 - Paper 1

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Question 17

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At the start of 2014 Priya's house was worth £240000. The value of her house increased by 5% every year. Work out the value of her house at the start of 2017. £ ..... show full transcript

Worked Solution & Example Answer:At the start of 2014 Priya's house was worth £240000 - OCR - GCSE Maths - Question 17 - 2017 - Paper 1

Step 1

Calculate the house value for each year

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Answer

  1. The value now is:

    240000 * (1 + 0.05) = 240000 * 1.05 = £252000.

  2. For the year 2015 to 2016:

    252000 * 1.05 = £264600.

  3. For the year 2016 to 2017:

    264600 * 1.05 = £277830.

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