A property sold for $10,560,250 has dimensions of 1510' x 2425'. What is the price per square foot?

To find the price per square foot of the property, you start by calculating the total area of the property based on its dimensions. The property measures 1,510 feet by 2,425 feet. To find the area in square feet, you multiply the length by the width:

Area = Length × Width = 1,510 ft × 2,425 ft = 3,655,750 square feet.

Next, to determine the price per square foot, you divide the total selling price of the property by the total area:

Price per square foot = Selling Price / Area = $10,560,250 / 3,655,750 sq ft.

Calculating that gives:

Price per square foot = $2.89 (approximately).

Since the exact price per square foot calculated does not align with the multiple-choice options, it's important to confirm that the approximate value of $2.88 is correct when rounding. This indicates that the price for the property is appropriately estimated in the context provided, and therefore, that option reflects the best answer given the figures presented.

This method of calculating price per square foot is a common practice in real estate to help buyers and sellers evaluate property value on a normalized unit basis, making it easier to