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

Question

4 years ago

6

a) 29%b) 25%c) 28%

1 answer:

Dima020 [189] · Answer 1 · 2021-12-25T05:32:50+03:00

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%