The total value of the 20 acre land is:
$ 750,000
The total area of the land is: 20 acres.
Also, the land is divided into 2/5 of an acre lot.
This means that the total number of lot that can be obtained is:
Total area/Area of 1 lot
i.e.
Number of lot= 20/(2/5)
i.e.
Number of lots= 50
Also, cost of 1 lot = $ 15,000
This means that the cost of 50 lots will be: $ (15,000×50)
i.e.
cost of 50 lots= $ 750,000
Hence, cost of total land=cost of 50 lots
i.e.
Total cost of 20-acre land= $ 750,000
