Real Estate Math
A Maine property was purchased for $185,000 five years ago and is now appraised at $240,500. The total appreciation is what percentage?
A20%
B25%
C30%✓ Correct
D35%
Explanation
Appreciation = ($240,500 − $185,000) ÷ $185,000 = $55,500 ÷ $185,000 = 0.30 = 30%. Using the values given ($185,000, $240,500), apply the appropriate formula.. The correct answer is 30%.. This is a common calculation on the Maine real estate exam.
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