Real Estate Math

A NJ property was purchased for $240,000 and sold 3 years later for $285,000. What is the percentage appreciation?

A15.8%

B18.75%✓ Correct

C16.1%

D19.0%

Explanation

Appreciation = ($285,000 – $240,000) ÷ $240,000 = $45,000 ÷ $240,000 = 0.1875 = 18.

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