A house is currently worth 50% of its original value. The land, however, has appreciated in 5 years from $60,000 to its current value of $96

Question

A house is currently worth 50% of its original value. The land, however, has appreciated in 5 years from $60,000 to its current value of $96,000. What is the average annual rate of appreciation of the land over this 5-year period?

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Julia 3 weeks 2021-12-31T00:16:24+00:00 1 Answer 0 views 0

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    2021-12-31T00:18:10+00:00

    Answer: The average annual rate of appreciation of the land over this 5-year period is 12%

    Step-by-step explanation:

    Calculating the amount of appreciation, we say,

    $96,000 – $60,000 = $36,000

    Then, $36,000/5 years = $7,200 per year.

    Finally, $7,200/$60,000 = 0.12

    0.12 x 100% = 12%

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