Question

Glenn bought a house in 1982 for a cost of $94,000 and had an appraisal done in 2007 and found out the value of the house was now $426,000. Find the annual rate of change in the value of the house in dollars per year. Be sure to label your answer.

Answer 1

$13,280 per year

Explanation:

To find the requested rate, divide the dollar change by the number of years:

($426,000 -94,000)/(2007 -1982) = $332,000/25 = $13,280 per year