Real Estate Math
A Virginia property was purchased for $200,000 five years ago and is now worth $280,000. What is the percentage appreciation?
A28%
B35%
C40%✓ Correct
D30%
Explanation
Appreciation = (Current Value – Original Value) ÷ Original Value = ($280,000 – $200,000) ÷ $200,000 = $80,000 ÷ $200,000 = 0.40 = 40%.
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