Question

Two years ago, you bought a property for $264,500. Values increased in that area by 5% the first year and 7% the second year. How much is your property worth today?

Answer 1

If a property is valued at $264,500, and its value increases by 5% in one year, and by 7% in two years, the total value or worth of the property at the end of two years will be $297,165. Therefore, the option A holds true.

What is the significance of property value?

A property value can be referred to or considered as the value of a piece of land during any given period of time. The value of a property is driven by a number of internal as well as external factors, such as inflation and appreciation.

From the given information, at the end of 1 year the value of property will be  264,500 + 5% = $277725, and similarly, at the end of the two years it will be 277725 + 7% = $297,165.75.

Therefore, the option A holds true regarding the significance regarding property value.

Learn more about property value here:

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The question seems to be incomplete. It has been added below for better reference.

Two years ago, you bought a property for $264,500. Values increased in that area by 5% the first year and 7% the second year. How much is your property worth today?

A. $297,165

B. $277,725

C. No change

D. $283,015