Real Estate Math
A Kansas home's original cost was $150,000. After 15 years with annual appreciation of 3% (simple), what is its estimated value?
A$196,250
B$217,500✓ Correct
C$184,875
D$225,000
Explanation
Simple appreciation: $150,000 × (0.03 × 15) = $150,000 × 0.45 = $67,500 increase. Value = $150,000 + $67,500 = $217,500.
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