If a property is priced at $38,500 and has a total area of 36,000 square feet, what is the price per square foot?

To determine the price per square foot, you need to divide the total price of the property by the total area in square feet. In this case, the property is priced at $38,500 and has an area of 36,000 square feet.

The calculation is as follows:

Price per square foot = Total Price / Total Area

Price per square foot = $38,500 / 36,000 square feet

When performing this division, you find:

Price per square foot = $1.070555...

This rounds to approximately $1.07 per square foot.

Thus, the correct answer reflects the accurate calculation of dividing the total property price by its area, resulting in a price of $1.07 per square foot, which corresponds with option B. Understanding price per square foot is crucial for buyers and sellers as it allows for a fair comparison of property values based on their size.