Real Estate Math
A Washington property was purchased for $320,000 and sold 5 years later for $420,000. What is the percentage appreciation?
A25%
B28.6%
C31.25%✓ Correct
D35%
Explanation
Appreciation = (Sale Price − Purchase Price) ÷ Purchase Price = ($420,000 − $320,000) ÷ $320,000 = $100,000 ÷ $320,000 = 31.25%.
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