Consider the following median selling prices ($thousands) for homes in a community:
YearPrice
1………………………320
2………………………334
3………………………329
4………………………344
5………………………358
6………………………347
7………………………383
8………………………404
9………………………397
10……………………..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.