Real Estate Math
A property was purchased for $320,000 five years ago. It has appreciated at 4% annually. What is the current estimated value? (Compound appreciation)
A$384,000
B$384,933
C$389,120✓ Correct
D$379,200
Explanation
Compound value = $320,000 × (1.04)^5 = $320,000 × 1.
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