Real Estate Math
A Virginia property was purchased for $250,000 and sold 3 years later for $310,000. What was the percentage increase in value?
A19.4%
B22%
C24%✓ Correct
D25%
Explanation
Percentage increase = (Sale Price − Purchase Price) ÷ Purchase Price = ($310,000 − $250,000) ÷ $250,000 = $60,000 ÷ $250,000 = 24%.
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