Real Estate Math
A Maine home was purchased for $240,000 and sold 4 years later for $288,000. The percentage appreciation over 4 years was:
A16%
B20%✓ Correct
C25%
D18%
Explanation
Appreciation = ($288,000 − $240,000) ÷ $240,000 = $48,000 ÷ $240,000 = 0.20 = 20%. Using the values given ($240,000, $288,000), apply the appropriate formula.. The correct answer is 20%.. This is a common calculation on the Maine real estate exam.
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