Jack MacLean has entered into a real estate development partnership with Bill Lyons and June Reese. Bill owns 1/6 of the partnership, while June has a 1/4 interest. The partners will divide all profits on the basis of their fractional ownership. The partnership bought 400 acres of land and plans to subdivide each lot into 3formula34.mml acres. Homes in the area have been selling for $210,000. By time of completion, Jack estimates the price of each home will increase by 1/4 of the current value. The partners sent a survey to 24,000 potential customers to see whether they should heat the homes with oil or gas. one-fourth of the customers responded by indicating a 5-to-1 preference for oil. From the results of the survey, Jack now plans to install a 270-gallon oil tank at each home. He estimates that each home will need five fills per year. The current price of home heating fuel is $4 per gallon. The partnership estimates its profit per home will be 1/6 the selling price of each home. Do not round intermediate calculations.

1) What is the number of homes to build?

2) What is the selling price of each home?

3) What is the number of people responding to the survey?

4) Number of people desiring oil?

5) Calculate the average montly cost per house to heat using oil

6) Calculate the amount of profit Jack will receive from the sale of homes