Real Estate Math
A Utah property sold for $475,000. If the appreciation rate was 6% per year, what was it worth approximately 2 years ago?
A$475,000✓ Correct
B$446,905
C$432,000
D$399,000
Explanation
Present value = Future Value ÷ (1 + rate)^n = $475,000 ÷ (1.06)^2 = $475,000 ÷ 1.
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