Real Estate Math
An Iowa home was purchased 5 years ago for $160,000. It has appreciated at 4% per year. What is its current value (rounded)?
A$192,000
B$194,661✓ Correct
C$182,400
D$198,000
Explanation
Value = $160,000 x (1.04)^5 = $160,000 x 1.
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