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%

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%