SOLUTION: A man sold a piece of land and set aside 80% of the proceeds, from the sale for investment. One fourth of this amount was invested in a business venture earning 157 and the remaind
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Question 498807: A man sold a piece of land and set aside 80% of the proceeds, from the sale for investment. One fourth of this amount was invested in a business venture earning 157 and the remainder in one earning 20% at the end of the year. If his earnings from the two investment amounted to 9000. Find the selling price of the land
You can put this solution on YOUR website! price of land was x
.8 * x was set aside.
he invested .25 * .8 * x in a business venture that earned 157 by the end of the year.
he invest .75 * .8 * x in a business venture that earned 20% by the end of the year.
his total earnings were 9,000
what was the selling price of the land?
his total earnings were:
157 from investment A
.20 * .75 * .8 * x from investment B
his total earnings were 9000
this means that:
157 + (.20 * .75 * .8 * x) = 9000
subtract 157 from both sides of this equation to get:
.20 * .75 * .8 * x = 8843
simplify this to get:
.12 * x = 8843
divide both sides of this equation by .12 to get:
x = 73691.67
that's the selling price of the land.
80% of that was set aside for investment.
that would be equal to 58953.33333
25% of that was invested and earned 157 dollars.
75% of that was invested and earned 20%.
.75 * 58953.3333 = 44215 that earned 20%.
this means that 44215 earned 8843
total earnings were 9000
157 + 8843 = 9000
your answer is that the selling price of the land was $73,691.67
