Question

Apprised value of a property has increased 230 12 % since it was purchased by the present owner. The purchase prince of the property was $160,000, its apprised value at that time. How

much is the current appraised value?

Answer 1

The current appraised value is 179,200

Explanation:

The price of the property at the time of purchase=160,000

The price has increased by 12% and we have to determine the present value.

`current \ value= old value(100+12)/100 \current \ value =160000 \ times 112/100 =179200\`

The current value of the property is 179200