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1.) Rachel uses $600,000 of her cash and borrows $1,000,000 to purchase 120 acres of land having a cost of $1,600,000. After 1 year, the
1.) Rachel uses $600,000 of her cash and borrows $1,000,000 to purchase 120 acres of land having a cost of $1,600,000. After 1 year, the value of the land was increased by 20%. What was the selling price of the land? Group of answer choices
1,622,000
1,920,000
192,000
1,090,200
2.)As described in Q.2, Rachel decided to sell the land. Let's assume that Rachel had to pay $60,000 as Interest on the loan. What is the percentage gain on Rachel's investment? Group of answer choices
39.39%
393.3%
93.39%
3.939%
*** Please help with Q1 and Q2
Thank you
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