A parcel of land is two acres. It sells for $1.18 per square foot. What is the total selling price for the parcel?
Answer (2)
Convert the area from acres to square feet: 2 acres = 2 × 43 , 560 = 87 , 120 sq ft .
Multiply the area in square feet by the price per square foot.
Calculate the total selling price: 87 , 120 × $1.18 = $102 , 801.60 .
The total selling price for the parcel is: $102 , 801.60 .
Explanation
Problem Analysis We are given a parcel of land that is 2 acres and sells for $1.18 per square foot. We need to find the total selling price for the parcel.
Convert Acres to Square Feet First, we need to convert the area of the land from acres to square feet. We know that 1 acre is equal to 43,560 square feet. Therefore, 2 acres is equal to:
2 acres × 43 , 560 acre square feet = 87 , 120 square feet
Calculate Total Selling Price Next, we need to find the total selling price by multiplying the area in square feet by the selling price per square foot:
87 , 120 square feet × $1.18 square foot dollars = $102 , 801.60
Final Answer Therefore, the total selling price for the parcel is $102,801.60.
Examples
Real estate valuation often involves calculating the value of land based on its area and price per square foot. For example, if a developer wants to purchase a 5-acre plot priced at $2.50 per square foot, they would need to calculate the total cost. This is done by converting acres to square feet (5 acres * 43,560 sq ft/acre = 217,800 sq ft) and then multiplying by the price per square foot (217,800 sq ft * $2.50/sq ft = $544,500). This calculation helps the developer determine if the land purchase is financially viable for their project.
The total selling price for the parcel of land, which is 2 acres converted to 87,120 square feet at a cost of $1.18 per square foot, is $102,801.60.
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