Math  /  Numbers & Operations

Questiong) Of the $500000\$ 500000 paid for the property, $150000\$ 150000 was for the block of land, and the rest was for building the house. Find the ratio of land to total property price.

Studdy Solution

STEP 1

1. The total property price is $500,000 \$500,000 .
2. The price paid for the block of land is $150,000 \$150,000 .
3. We need to find the ratio of the land price to the total property price.

STEP 2

1. Define the values.
2. Set up the ratio.
3. Simplify the ratio.

STEP 3

Define the total property price as P=$500,000 P = \$500,000 and the land price as L=$150,000 L = \$150,000 .

STEP 4

Set up the ratio of the land price to the total property price.
Ratio=LP=$150,000$500,000 \text{Ratio} = \frac{L}{P} = \frac{\$150,000}{\$500,000}

STEP 5

Simplify the ratio by dividing both the numerator and the denominator by their greatest common divisor.
$150,000$500,000=150,000÷50,000500,000÷50,000=310 \frac{\$150,000}{\$500,000} = \frac{150,000 \div 50,000}{500,000 \div 50,000} = \frac{3}{10}
The ratio of the land price to the total property price is:
310\boxed{\frac{3}{10}}

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