Real Estate Math
A NJ seller purchased their home for $250,000 and sold it for $375,000 after owning it for 5 years. What is the annual appreciation rate (simple)?
A8%
B10%✓ Correct
C12%
D15%
Explanation
Total appreciation = ($375,000 – $250,000) ÷ $250,000 = 50% over 5 years. Simple annual rate = 50% ÷ 5 = 10% per year.
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