Question

A rectangular lot with an 84-ft frontage and a 243-ft depth sold for 14,100. Assuming the cost per square foot remains the same, find the price of a rectangular lot with an 84-ft frontage and a 196-ft depth. (Round your answer to the nearest dollar.)

Options:
A) 9,800
B) 10,200
C) 10,500
D) 11,000

Answer 1

To find the price of a rectangular lot with an 84-ft frontage and a 196-ft depth, we can use the concept of proportionality. The price of the lot is $4,079,400.

Step-by-step explanation:

To find the price of a rectangular lot with an 84-ft frontage and a 196-ft depth, we can use the concept of proportionality. We know that the cost per square foot remains the same. Let's set up a proportion:

(84 ft) / (243 ft) = (x) / (196 ft)

Cross-multiplying, we get:

84 * 196 = 243 * x

16544 = 243x

Dividing both sides by 243, we find that x = 16544 / 243 = 67.99 ft^2.

Since the cost per square foot remains the same, we can multiply the area of the lot by the cost per square foot to find the price:

67.99 ft^2 * $60,000/ft^2 = $4,079,400.

Rounding to the nearest dollar, the price of the lot is $4,079,400.