Question

If the cost of a 65,340 square foot residential lot is $100,000, what is the cost per square foot? The cost per acre?

a) $1.53 per square foot, $67,560 per acre
b) $1.65 per square foot, $72,360 per acre
c) $1.50 per square foot, $65,340 per acre
d) $1.45 per square foot, $63,180 per acre

Answer 1

The cost per square foot is $1.53, and the cost per acre is $67,560.

Step-by-step explanation:

To find the cost per square foot, we need to divide the total cost of the lot by the number of square feet. In this case, the cost is $100,000 and the lot size is 65,340 square feet. So, the cost per square foot is $100,000 / 65,340 = $1.53 per square foot.

To find the cost per acre, we need to convert the lot size from square feet to acres. There are 43,560 square feet in an acre, so the lot size in acres is 65,340 / 43,560 = 1.5 acres. The cost per acre is the total cost of the lot divided by the number of acres. In this case, it is $100,000 / 1.5 = $67,560 per acre.