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A family's home is currently worth $581,958\$581,958, which is 95%95\% higher than the home was worth when they bought it. What was the value of the home when they bought it? $\$____

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Full solution

Q. A family's home is currently worth $581,958\$581,958, which is 95%95\% higher than the home was worth when they bought it. What was the value of the home when they bought it? $\$____
  1. Calculate original value: Calculate the original value of the home before the 9595% increase. Let the original value be xx. The current value is 95%95\% higher than xx, so the equation is x+0.95x=581,958x + 0.95x = 581,958.
  2. Simplify equation: Simplify the equation to find xx. Combine like terms: 1x+0.95x=1.95x1x + 0.95x = 1.95x. So, 1.95x=581,9581.95x = 581,958.
  3. Solve for x: Solve for x by dividing both sides of the equation by 1.951.95: x=581,9581.95.x = \frac{581,958}{1.95}.
  4. Perform division: Perform the division to find xx: x=298,441.03x = 298,441.03. This is the original value of the home when they bought it.

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