Help! I've tried this question and i don't come to a correct answer!
The value of a property depreciated by 3.25% between 1997 to 2004, and appreciated by 2.75% between 2005 to 2008. In 1997, the value of the property was $75000, find its value in 2008.
My workings:
(75000/100)x(100-3.25)=72562.5
(72562.5/100)x(100+2.75)=$74557.97
But the answer is wrong, apparently, because the correct answer should be $869842.97
Where did i go wrong????
There is no way the answer can be almost $870,000.
That's a 1,060% increase.