Review of Essential Skills and Problem Solving
Finding the multiplier to give a final amount after a percentage increase

A house was valued at $\$ 266,000$. Over several years, the value increased by $8 \%$, giving the house a new value.
(a) Fill in the blank to write the new value in terms of the old value. Write your answer as a decimal.
\[
\text { New value }=\mathbb{I} \times \text { old value }
\]
(b) Use your answer in part (a) to determine the new value.
New value: $\$$

Step 1 ：The problem is asking for the new value of the house after an 8% increase.

Step 2 ：To find the new value, we need to multiply the old value by 1 plus the percentage increase expressed as a decimal. In this case, the percentage increase is 8%, which is 0.08 as a decimal. So, the multiplier is 1 + 0.08 = 1.08.

Step 3 ：We can then use this multiplier to calculate the new value of the house. The old value of the house is $266,000.

Step 4 ：By multiplying the old value by the multiplier, we get the new value: \(266000 \times 1.08 = 287280\).

Step 5 ：Final Answer: The new value of the house after an 8% increase is \(\boxed{\$287,280}\).