Real Estate Math
An investment property was purchased for $400,000 three years ago and sold today for $460,000. What is the percentage appreciation?
A12%
B13%
C15%✓ Correct
D17%
Explanation
Appreciation = ($460,000 − $400,000) ÷ $400,000 = $60,000 ÷ $400,000 = 15%. Using the values given ($400,000, $460,000), apply the appropriate formula..
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