The Mendes family bought a new house 10 years ago for $120,000. The house is now worth $191,000. Assuming a steady rate of growth, what was the yearly rate of appreciation? Round your answer to the nearest tenth of a percent (1.2% etc)

To calculate the annual rate of appreciation, we need to find the total percentage increase in the house's value over 10 years and then divide it by the number of years.

Step 1: Calculate the percentage increase in the house's value.
The increase in value is given by $191,000 - $120,000 = $71,000.

Step 2: Find the percentage increase in value.
The percentage increase is given by (increase in value / initial value) * 100.
So, (71,000 / 120,000) * 100 = 59.17%.

Step 3: Calculate the annual rate of appreciation.
The annual rate of appreciation is given by the percentage increase in value divided by the number of years.
So, 59.17% / 10 = 5.92%.

Therefore, the yearly rate of appreciation, rounded to the nearest tenth of a percent, is approximately 5.9%.