Real Estate Math
A property in Idaho was purchased for $280,000 and sold 3 years later for $325,000. What was the percentage appreciation?
A13.8%
B16.1%✓ Correct
C18.4%
D20.2%
Explanation
Percentage appreciation = (Sale Price - Purchase Price) / Purchase Price x 100 = ($325,000 - $280,000) / $280,000 x 100 = $45,000 / $280,000 x 100 = 16.07%, approximately 16.
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