Property Valuation
A Connecticut property sold 8 months ago for $480,000. Since then, market values have increased 3%. What is the time-adjusted market value?
A$488,800
B$494,400✓ Correct
C$494,648
D$499,200
Explanation
Time-adjusted value = $480,000 × (1 + 0.03 × 8/12) = $480,000 × 1.02 = $489,600. Closest option: $494,400 reflects a full 3% annual appreciation. If 3% per year over 8 months: $480,000 × (1 + 0.03 × 8/12) = $480,000 × 1.02 = $489,600.
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