Real Estate Math
A Colorado property's assessed value increased from $48,000 to $52,500 this year. By what percentage did the assessed value increase?
AA. 8.6%
BB. 9.375%✓ Correct
CC. 9.5%
DD. 4.5%
Explanation
Percentage increase = (New Value - Old Value) ÷ Old Value × 100 = ($52,500 - $48,000) ÷ $48,000 = $4,500 ÷ $48,000 = 0.09375 = 9.375%.
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