Property Valuation
A Connecticut home was purchased for $450,000. The owners have made $30,000 in improvements. Market values in the area have increased 12% since purchase. What is the approximate current market value?
A$480,000
B$504,000
C$537,600✓ Correct
D$533,600
Explanation
Current value = ($450,000 + $30,000) × 1.12 = $480,000 × 1.
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