Real Estate Math
A Connecticut home was purchased for $280,000 five years ago and is now worth $336,000. What is the total percentage appreciation over 5 years?
A16%
B20%✓ Correct
C25%
D30%
Explanation
Appreciation = (New value - Old value) ÷ Old value = ($336,000 - $280,000) ÷ $280,000 = $56,000 ÷ $280,000 = 0.20 = 20%.
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