Real Estate Math
A property was purchased for $320,000 five years ago and is now appraised at $415,000. What is the percentage increase in value?
AA. 23%
BB. 29.69%✓ Correct
CC. 32%
DD. 25%
Explanation
Percentage increase = (New Value - Original Value) ÷ Original Value × 100. ($415,000 - $320,000) ÷ $320,000 = $95,000 ÷ $320,000 = 0.2969 = 29.69%.
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