Question

Gabi owns one parcel measuring one square mile and another parcel measuring one mile x half a mile. She combined the parcels and sold them for $2.5 million. What price per acre did she receive for the land

Answer 1

We want to get the price per acre that she receives for the land, we will get that the price per acre is $2,777.8

First, we need to find the total area of the land.

There are two parcels, one with an area of 1 mi^2, and the other with dimensions of one-mile x half a mile, then the area of the other parcel is:

A' = (1 mi)*(0.5 mi) = 0.5 mi^2

The total area is the sum of these two, we get:

1 mi^2 + 0.5 mi^2 = 1.5 mi^2

And notice that we want to get the price per acre, knowing that:

1 mi^2 = 640 acres, then:

1.5 mi^2 = 1.5*(640 acres) = 900 acres.

The price per acre is equal to the quotient between the total price for the area and the number of acres, this gives:

P = ($2,500,000)/(900 acres)  = $2,777.8

So each acre costs $2,777.8

If you want to learn more, you can read:

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