Question

A real estate investor buys a house and lot for $50,000. He pays $1,400 to have it painted, $2,500 to fix the plumbing, and $1,600 for grading a driveway. At what price must he sell the property in order to make a 20% profit?

A) $66,600
B) $49,760
C) $52,000
D) $52,800
E) $44,480

Help

Answer 1

A)66600
1.50000+ 1400+ 1600 + 2500=55500
2.20%-1/5
55500:5= 11100
3. 55500+11100=66600

Answer 2

$66,600

Explanation:

First you add everything up.

50,000 + 1,400 = 51,400

51,400 + 2,500 = 53,900

53,900 + 1,600 = 55,500

Now you need to get 20% of 55,500

20% of 55,500 is 11,100

Now you add them

55,500 + 11,100 = 66,600