The Freeman family bought a new apartment five years ago for $80,000. The apartment is now worth $199,200. Assuming a steady rate of growth, what was the yearly rate of appreciation?

19.1%

20%

23%

24.9%

Question

Darren Adkins

Mathematics

11 July, 14:58

The Freeman family bought a new apartment five years ago for $80,000. The apartment is now worth $199,200. Assuming a steady rate of growth, what was the yearly rate of appreciation?

19.1%

20%

23%

24.9%

+3

Answers (2)

Know the Answer?

Fabian Larson · Answer 1

Given that the apartment was worth 80k 5 years ago, find out the rate of appreciation for the apartment now worth 199.2k.

Work:

Subtract the former from the new amount.

199.2 - 80 = 119.2

Divide the difference by the years passed.

119.2/5 = 23.84

This means that the price of the apartment increased by 23,840 each year.

Logan Pittman · Answer 2

a-) 19.1%

x=80000⋅100199.200=40160.64%

Representation

↓800000

199.200

The Freeman family bought a new apartment five years ago for $80,000. The apartment is now worth $199,200. Assuming a steady rate of growth, what was the yearly rate of appreciation?19.1%20%23%24.9%

The Freeman family bought a new apartment five years ago for $80,000. The apartment is now worth $199,200. Assuming a steady rate of growth, what was the yearly rate of appreciation?

19.1%

20%

23%

24.9%