A rectangular lot measures 100 feet by 150 feet. If similar lots in the area sell for $8.50 per square foot, what is the indicated land value?
Correct Answer
D) $127,500
Area = 100 ft × 150 ft = 15,000 SF; value = 15,000 SF × $8.50/SF = $127,500. The indicated result is $127,500. Common errors: converting to square yards before applying the per-square-foot rate gives $14,167; using the perimeter instead of the area gives $4,250; treating the rectangle as a triangle gives $63,750.
Why This Is the Correct Answer
Area = 100 ft × 150 ft = 15,000 SF; value = 15,000 SF × $8.50/SF = $127,500. The indicated result is $127,500. Common errors: converting to square yards before applying the per-square-foot rate gives $14,167; using the perimeter instead of the area gives $4,250; treating the rectangle as a triangle gives $63,750.
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