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A few years ago, Sarah acquired a parcel of land valued at $16,500. Today, that same parcel of land has a value of $18,975.

A few years ago, Sarah acquired a parcel of land valued at $16,500. Today, that same parcel of land has a value of $18,975. Find the percent increase in the property's value. Round your answer to the nearest hundredth, if necessary.

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