If a property measuring 120 feet by 300 feet sold for $38,500, what is the price per square foot?

To determine the price per square foot of the property, we first need to calculate the total area of the property. The area is found by multiplying the length by the width.

In this case, the property measures 120 feet by 300 feet, so the area is calculated as follows:

Area = Length × Width = 120 feet × 300 feet = 36,000 square feet.

Next, we need to find the price per square foot by dividing the total sale price of the property by the total area. The property sold for $38,500, so we perform the following calculation:

Price per square foot = Total Sale Price ÷ Total Area = $38,500 ÷ 36,000 square feet.

When you perform this calculation, you find:

Price per square foot = $1.07.

Since this value matches the correct answer, it indicates that for every square foot of the property, the buyer paid approximately $1.07. This price per square foot is essential for comparing properties and understanding market value, as it provides insights into the cost of real estate in a specific area.