The value of an investment property after t years can be found using the formula , where V is the current value of the property, C is the original investment, and r is the annual rate of appreciation. 1. Solve the formula for r.

2. Lew bought a condo 20 years ago for $50,000, and the current value of the condo is $175,000. Assuming the same rate each year, what has the annual rate of appreciation been? Round your answer to the nearest half a percent.

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