Question

What was the yearly rate of appreciation if the Marriot family bought a new apartment three years ago for $65,000 and the apartment is now worth $86,515?

Answer 1

Yearly rate of appreciation is `$ 7171 2/3` per year.

Appreciation is `86515-65000= $21515` over a period of three years. Divide `21515` by `3` to get the year rate of appreciation.