Problem $5-8$ Calculating Interest Rates $[$LO$3]$

Assume that in January $2023,$ the average house price in a particular area was $$401,500.$ In January $2003,$ the average price was

$$186,000.$ What was the annual increase in the price of the average house sold?

Note: Do not round Intermedlate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$