Question

The Mendes family bought a new house 6 years ago for $104,000. The house is now worth $177,000. Assuming a steady rate of growth, what was the yearly rate of appreciation? Round your answer to the nearest tenth of a percent (1.2% etc)
Answer:

Answer 1

Well, the house grew 73 k throughout the 6 years, so it grew around 12.16 k each year. 12.16/104= approximately 11.6923%
Rounded to the nearest 1/10 of a percent, it's 11.7%