Question 615084: I want to determine unit prices for a 24 unit apt complex. 7 units have 1br, and 17 units have 2br. So I'll assume that each of the 17 units are worth double each of the 7 units. So for example, if one of the 2 br units is worth $100,000 then one of the 1 br units is worth $50,000. Each class of unit is assumed to be worth the same as all of the other units in its class (1 or 2 br). The cost of all 24 units is $1,250,000. I was thinking the equation might be 17y +7x = 1,250,000 but then I immediately get stuck. I also tried 17(2x) + 7x but that doesn't seem right and I don't think I know how to solve it anyway (41x=1,250,000?... nah... I need two different numbers, not one.) Thank you in advance for your help.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! I want to determine unit prices for a 24 unit apt complex. 7 units have 1br, and 17 units have 2br. So I'll assume that each of the 17 units are worth double each of the 7 units. So for example, if one of the 2 br units is worth $100,000 then one of the 1 br units is worth $50,000. Each class of unit is assumed to be worth the same as all of the other units in its class (1 or 2 br). The cost of all 24 units is $1,250,000.
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Let "x" be the value of a 1-bdrm unit
Then "2x" is the value of a 2-bdrm unit
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Value Equation:
7x + 17(2x) = 1,250,000
7x + 34x = 1,250,000
41x = 1,250,000
x = $30,487.80 (value of a 1-bdrm unit)
2x = $60,975.61 (value of a 2-bdrm unit)
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Cheers,
Stan H.
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