(6) You are considering the purchase of a property todoy for $385,000. You plan to finance it with an 80 percent loan. The appreciation rate on the property value is expected to be 4 percent annually for the next three years, Required: (a). Approximate the expected annual average rate of appreciation on home equity for the next three years (b). What if you now think that a $385,000 purchase price may be somewhat high and that if you pay this price, the expected appreciation rates in your house price will be as follows: year 1=0%, year 2=3%, and year 3=2% (a) Approximate the expected annual average rate of appreciation on home equity for the next three vears. Expected annual average rate of appreciation. (b) What if you now think that a 5385,000 purchase price may be somewhat high and that if you poy this price, the expected appreciation rates in your house price will be as follows: year 1=0, year 23x, and year 3=2%. Approximate the expected annual myerage rate of oppreciation on home epuity for the next three years. Expected annual average rate of appreciation