Michael inherited three properties from his father. Their total price when Michael's father bought them was $370,000. Michael knows that the price of the first property was $70,000 less than the total price of the second and third properties. The local estate agent informed Michael that the value of the first property has since doubled and the price of the second property has tripled, while the third property has retained its original value. The total current value of all three properties is $760,000. What was the original price of each property?

Question

Jeffrey Gates

Mathematics

1 July, 02:51

Michael inherited three properties from his father. Their total price when Michael's father bought them was $370,000. Michael knows that the price of the first property was $70,000 less than the total price of the second and third properties. The local estate agent informed Michael that the value of the first property has since doubled and the price of the second property has tripled, while the third property has retained its original value. The total current value of all three properties is $760,000. What was the original price of each property?

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Answers (1)

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Nathanial Patrick · Answer 1

To answer this item, we let x, y, and z be the prices of the properties that Michael inherited. From the given conditions in this item, we will be able to generate three equations.

x + y + z = 370000

x = y + z - 70000 2x + 3y + z = 760000

Solving for the values of the variables in this system will give us answers of: x = 150,000

y = 120,000

z = 100,000