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A person bought three lots for $22,000 net each and divided them into four lots of equal frontage. The lots were
then sold for $18,000 each. What was the approximate percentage of gross profit?

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Answer:

A person bought three lots for $22,000 net each and divided them into four lots of equal frontage. The lots were then sold for $18,000 each. What was the approximate percentage of gross profit? 9%The initial investment was $66,000 (3 lots at $22,000 each).

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