SSAT Math Question 195: Answer and Explanation
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Question: 195
14. A real estate investor buys a house and lot for $44,000. He pays $1250 to have it painted, $1750 to fix the plumbing, and $1000 for grading a driveway. At what price must he sell the property in order to make a 12% profit?
- A. $53,760
- B. $52,800
- C. $52,000
- D. $49,760
Correct Answer: A
Explanation:
The correct answer is (A). Add the cost of the house, driveway, painting, and plumbing:
$44,000 + $1250 + $1750 + 1000 = $48,000
If he wants to make a 12% profit when reselling the house, he should increase the total cost by 12% to find the new selling price:
12% of $48,000 = $5760
$48,000 + $5760 = $53,760