Answer:
<u>The house could be sold between £ 77,000 and £ 79,500</u>
Step-by-step explanation:
Cost of the house = £ 55,000
40% profit on the amount paid for the house = 40% * 55,000 = 0.4 * 55,000 = £ 22,000
Suggested price with at least 40% profit = £ 55,000 + £ 22,000
<u>Suggested price with at least 40% profit = £ 77,000</u>
Properties price on the same street:
Property 1 £75,000
Property 2 £80,000
Property 3 £83,500
Mean of these prices = (75,000 + 80,000 + 83,500) / 3
Mean of these prices = 238,500 / 3
<u>Mean of these prices = £ 79,500</u>
<u>Therefore the price could be between £ 77,000 (40% profit on the amount paid for the house 10 years ago) and £ 79,500 (the mean price of the properties currently for sale on the same street)</u>
