In a neighborhood with 568 homes, the median home price is $250,000. If 77 houses were sold last year, what is the turnover index in the neighborhood?

To determine the turnover index for the neighborhood, you utilize the formula for turnover index, which is calculated by dividing the number of homes sold by the total number of homes in the area, and then multiplying by 100 to express it as a percentage.

In this case, there were 77 homes sold out of a total of 568 homes. So, the calculation would be as follows:

1. Divide the number of homes sold (77) by the total number of homes (568).

2. This gives you approximately 0.135 (when calculated exactly: 77 / 568 ≈ 0.135).

3. To convert this number into a percentage, multiply by 100, resulting in approximately 13.5%.

When rounded to the nearest whole number or represented in the choices provided, this corresponds closely to 14%.

Thus, the turnover index in the neighborhood is accurately represented by the value of 14%.