Real Estate The following table shows the cost of 1,000 square feet of luxury real estate in three cities together with the quantity your development company intends to purchase in each city. City 1 City 2 City 3 Cost ($ million) 3.3 2.7 0.55 Quantity Purchased (thousands of square 10 20 10 feet) Use matrix multiplication to estimate the total cost (in millions) of the purchase. $ million

Financial Management: Theory & Practice
16th Edition
ISBN:9781337909730
Author:Brigham
Publisher:Brigham
Chapter2: Financial Statements, Cash Flow,and Taxes
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Real Estate The following table shows the cost of 1,000 square feet of luxury real estate in three cities together with the quantity your development company intends to purchase in each city.
City 1 City 2
City 3
Cost ($ million)
3.3
2.7
0.55
Quantity Purchased
(thousands of square
10
20
10
feet)
Use matrix multiplication to estimate the total cost (in millions) of the purchase.
$
million
Transcribed Image Text:Real Estate The following table shows the cost of 1,000 square feet of luxury real estate in three cities together with the quantity your development company intends to purchase in each city. City 1 City 2 City 3 Cost ($ million) 3.3 2.7 0.55 Quantity Purchased (thousands of square 10 20 10 feet) Use matrix multiplication to estimate the total cost (in millions) of the purchase. $ million
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