Mr.Ted owned 5/8 of an interest in a house. He sold 1/5 of his interest for $1000. What was the total value of the house?
If Mr. Ted sold 1/5 of his interest in the house for $1000, this means that 1/5 of his interest is equal to $1000.
Let x be the total value of the house.
From the given information, we can write the equation: (1/5)(5/8)x = $1000
To solve for x, we can simplify the equation first: (1/5)(5/8)x = (1/40)x = $1000
Multiplying both sides of the equation by 40 to eliminate the fraction gives: x = $40,000
Therefore, the total value of the house is $40,000.
To find the total value of the house, we need to calculate the value of the 5/8 interest that Mr. Ted owned by using the information that he sold 1/5 of his interest for $1000.
Let's start by finding the value of 1/5 of Mr. Ted's interest. If 1/5 of his interest is worth $1000, then the value of his total interest can be found by multiplying this amount by 5.
1/5 * $1000 = $200
Next, we can find the total value of the house by multiplying the value of Mr. Ted's interest by the reciprocal of the fraction he owned.
$200 * (8/5) = $<<200*(8/5)=320>>320
Therefore, the total value of the house is $320.