Consider the following median selling prices ($thousands) for homes in a community:
Year Price
1â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦320
2â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦334
3â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦329
4â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦344
5â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦358
6â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦347
7â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦383
8â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦404
9â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦397
10â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦..411
a. Use year 1 as a base year and construct a simple index number to show how the median selling price has increased.
b. Determine the actual percentage growth in the median selling price between the base year and year 10.
c. Determine the actual percentage growth in the median selling price between the base year and year 5.
d. Determine the actual percentage growth in the median selling price between year 5 and year 10. |

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