Question

A $300,000 property appreciated in value by 3%. What is its new value?

Answer 1

$309 000.

Explanation:

It is now worth 3% more than its original 100%

So 103% ( in decimal 1.03)

1.03 * 300 000 = 309 000 dollars

Answer 2

The word "Appreciated" means "Increase" in value of something.

Here, The value of property is Appreciated by 3%

Therefore,

New price = Old price + 3% of Old price

New price = $300000 + 3% of $300000

New price = $300000 + $( 3/100 × 300000)

New price = $300000 + $9000

New price = $309000

I hope it's helpful