Help with question 5

5. This question requires solving for the answers requested in 5a thru 5e, below, and neatly showing your work with appropriate labels in 5f Subject Property You are appraising 610 acres located near Davisville. The property has 260 acres of Class soil and 350 acres of Class IlI soil. Building improvements contribute $190,000 to total property value. Sale 1: 550 acres located near Davisville recently sold for $6,160,000. This property has 550 acres of Class I soil. Improvements contributed $220,000 to the sale price. Sale 2: 670 acres located near Davisville recently sold for $6,366,000. This property has 250 acres of Class I soil, 180 acres of Class Il soil, and 240 acres of Class IlI soil. Improvements contributed $180,000 to the sale price. Sale 3 610 acres located near Davisville recently sold for $6,074,000. This property has s of Class II soil. Improvements contributed $200,000 190 acres of Class I soil and 420 acre to the sale price. Show your work for problems 5a through 5e on the next page (problem 5f.). For problems 5a, 5b, and 5c round each answer to nearest $1 per acre. 5a.(4 Points: What is the indicated S/acre value of land with Class I soil? 5b. (4 Points): What is the indicated S/acre value of land with Class II soil? 5c. 14 Points): What is the indicated S/acre value of land with Class IlI soil? 5d. (4 Points): What is indicated as the subject property's total land value? Round to nearest $1,000. 5e. (4 Points): What is the total indicated value of the subject property? Round to nearest $10,000. ARE 145- Homework #2