A development company is constructing a new unit in its apartment complex. The complex has the following floor plans: Using the average cost per square foot of the original floor plans, which of the following should be the price of the Rose unit?
Answer is D.
Average Cost per Square Foot = (345 + 386 + 354 + 320) = 1405 / 4 = 351.25
Now that we have the average cost per square foot as $351.25, we can calculate the price of the "Rose" unit:
Price of Rose Unit = Square Footage of Rose Unit (2,000 sq. ft) * Average Cost per Square Foot ($351.25/sq. ft)
Price of Rose Unit = 2,000 sq. ft * $351.25/sq. ft
Price of Rose Unit = $702,500
The Rose unit has 1,700 square feet. To calculate the price, we need to find the average cost per square foot of the original floor plans and then multiply that by the square footage of the Rose unit.
To find the average cost per square foot of the original floor plans:
(650,000 + 675,000 + 700,000 + 725,000 + 775,000) / 5 = 700,000
So, the average cost per square foot is $700,000 / 5 = $140.
The price of the Rose unit would be $140 x 1,700 = $238,000.
Therefore, the answer is D. $702,500
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