A market study suggests a value of 25000 per acre for the pr

A market study suggests a value of $25,000 per acre for the property described here. Find the indicated total market value. Legal Description: The E 1/2 of the NE 1/4 of the NE 1/4 of the NE 1/4 of Section 1, Township 4 N, Range 4 E, San Bernardino Baseline and Meridian. (Show Work)

a. $250,000

b. $125,000

c. $500,000

d. None of the above

Solution

answer is option B $125,000

Section 1 is in 640 acres

640/4 = 160

160/4 = 40

40/4 = 10

10/2 = 5

area of section 1 is 5 acres

cost of per acre is $25000

total market value = acres* cost per acre = 5*25000 = $125000