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sergiy2304 [10]
3 years ago
6

A homeowner paid $85,000 for a house three years ago. The house sells today for $110,000. How much has the property appreciated?

a) 29%b) 25%c) 28%
Business
1 answer:
Dima020 [189]3 years ago
6 0

Answer:

Option (a) is correct.

Explanation:

Amount paid for house three years ago = $85,000

Selling price of house today = $110,000

Therefore,

Property appreciated by following percentage:

= (change in value ÷ Amount paid for house three years ago) × 100

= [($110,000 - $85,000) ÷ $85,000] × 100

= ($25,000 ÷ $85,000) × 100

= 0.2941 × 100

= 29.41%

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