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3 lots, each measuring 75 by 110 feet, $20 per square foot. Sold lots for $200,000 each. What was the % of profit on the sale of the 3 lots

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2 Answers

Each lot is 75*110=8250 square feet in area. The cost of each lot is 8250feet2*$20/feet2=$165000
 
If each lot is sold for $200000, then the difference between cost and sale is the profit,
P=$200000-$165000=$35000 
 
The percent from the lot cost is
35000/165000*100≈21.2%
If you calculate the percent from the sale amount, you will get 17.5%

Comments

"% profit on the sale" is also called 17.5% "profit margin" in the biz world

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