You are considering buying a property today for $300,000. You plan to finance this purchase with 80% debt (LTV=0.8 on mortgage).
The appreciation rate on the property value is expected to be 3% annually for the next three years. If you sold the property after 3 years, what would be your expected rate of appreciation on home equity?
(Express your answer as a percentage rounded to 2 decimal places. If your answer is ten and a half percent enter 10.50.)