Question

A parcel of vacant land 80 feet wide and 200 feet deep was sold for $2000 per front foot. how much money would a broker receive for her 60% share in the 10% commission?

Answer 1

First, calculate the area of the vacant land by multiplying the given dimensions.

                                    Area = (80 ft)(200 ft)

                                                Area = 16000 ft^2

 

Then, multiply the calculated area with the given price per ft^2.

                                    Total price = ($2000/ft^2)(16,000 ft^2)

                                    Total price = $32,000,000

 

The 10% commission of selling the land is equal to $3,200,000.

The money that the broker will receive will be 60% of the commission.

                                    = (0.6)($3,200,000)

                                    = $1,920,000