Real Estate Math
An Alaska buyer purchased a home for $380,000 and sold it 3 years later for $425,000. What was the percentage increase in value?
A10.6%
B11.8%✓ Correct
C12.5%
D15.2%
Explanation
Percentage increase = (Selling price − Purchase price) ÷ Purchase price × 100. ($425,000 − $380,000) ÷ $380,000 × 100 = $45,000 ÷ $380,000 × 100 ≈ 11.84%, which rounds to approximately 11.8%.
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