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1 September, 16:47

You bought your current house 10 years ago for £55,000. There are currently three similar properties for sale on your street. Property 1 £75,000 Property 2 £80,000 Property 3 £83,500 You want to put your house up for sale at a price that: • makes you at least 40% profit on the amount you paid for your house; and • is no more than the mean price of the properties currently for sale on your street. Suggest a price that you could sell your house for. Explain your answer.

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  1. 1 September, 17:13
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    The house could be sold between £ 77,000 and £ 79,500

    Step-by-step explanation:

    Cost of the house = £ 55,000

    40% profit on the amount paid for the house = 40% * 55,000 = 0.4 * 55,000 = £ 22,000

    Suggested price with at least 40% profit = £ 55,000 + £ 22,000

    Suggested price with at least 40% profit = £ 77,000

    Properties price on the same street:

    Property 1 £75,000

    Property 2 £80,000

    Property 3 £83,500

    Mean of these prices = (75,000 + 80,000 + 83,500) / 3

    Mean of these prices = 238,500 / 3

    Mean of these prices = £ 79,500

    Therefore the price could be between £ 77,000 (40% profit on the amount paid for the house 10 years ago) and £ 79,500 (the mean price of the properties currently for sale on the same street)
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