Real Estate Math
An Oklahoma property worth $475,000 depreciates at 3% per year. What will it be worth after 2 years?
A$447,482.50✓ Correct
B$446,125
C$450,000
D$443,677.50
Explanation
Year 1: $475,000 x (1-0.03) = $475,000 x 0.97 = $460,750. Year 2: $460,750 x 0.97 = $447,327.50.50 (minor rounding differences). Compound depreciation method: $475,000 x (0.97)^2 = $475,000 x 0.9409 = $446,927.50.
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