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12 December, 07:58

The Mendes family bought a new house 11 years ago for $119,000. The house is now worth $176,000. 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)

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  1. 12 December, 11:17
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    3,6%, as the growth factor is 1,036.

    11√ (176,000/119,000) ≈ 1,036.
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