Real Estate Math
A home was purchased for $380,000 five years ago. It has appreciated at an average annual rate of 4%. What is the approximate current value?
A$456,000
B$76,000✓ Correct
C$452,000
D$450,000
Explanation
Using compound appreciation: $380,000 × (1.04)^5 = $380,000 × 1.
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