Real Estate Math
An investor buys a property for $500,000, makes $50,000 in improvements, and sells for $620,000. What is the profit (before taxes)?
A$70,000✓ Correct
B$120,000
C$170,000
D$50,000
Explanation
Total cost basis = $500,000 + $50,000 = $550,000. Profit = $620,000 - $550,000 = $70,000.
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