Real Estate Math
A West Virginia property sold for $195,000, which was 3% more than its appraised value. What was the appraised value?
A$188,350
B$189,320✓ Correct
C$190,000
D$185,000
Explanation
Sale price = Appraised value x 1.03. Appraised value = $195,000 / 1.03 = $189,320 (rounded). To solve this, multiply the relevant values: $195,000, at 3%.. The correct answer is $189,320.. This is a common calculation on the West Virginia real estate exam.
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