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 \(\boxed{\$287,280}\).