In about 9 years, the house would be worth $375,000.
An exponential growth is in the form:
y = abˣ;
where y, x are variables, a is the initial value of y and b is > 1
Let y represent the price of the house after x years.
Since it has a value of $300000 initially, hence a = $300000. Also it appreciates by 2.75% per year, hence b = 100% + 2.75% = 1.0275. Hence:
y = 300000(1.0275)ˣ
For the house to be worth $375,000:
375000 = 300000(1.0275)ˣ
1.25 = (1.0275)ˣ
xln(1.0275) = ln(1.25)
x = 8.2 years
In about 9 years, the house would be worth $375,000.
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