The mendes family bought a new house 9 years ago for 108,000. The house is now worth 165,000 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)

Initial price = $108,000

Let r = rate of appreciation per year.

After 9 years, the house is worth

108000 * (1 + r) ⁹ = 165000

Therefore

(1 + r) ⁹ = 165000/108000 = 1.5278

1 + r = 1.5278^ (1/9) = 1.0482

r = 0.0482 = 4.82%

Answer: 4.8% (nearest tenth)